DOCUMENTS, ACCOUNTS & RECORDS IN GST (PART-II)
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 1-12-2017<\/p>\n
Books and records be maintained in case of taxable person having multiple places of business
\nAs per first proviso to sec 35(1) of the GST Act, 2017, where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept only at respective places of business.
\nAccordingly, in case where more than one place of business is specified in the certificate of registration, records relating to each place of business should be maintained at that place and not at any other place including principal place of business.
\nAccording to second proviso to sec 35(1) of the GST Act, 2017, the registered person may keep and maintain such accounts and other particulars in the electronic form in the prescribed manner. In case where records are maintained in electronic form, then they have to confo<\/p>\n
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\n (iii) Receipt, purchase, manufacture, storage, sale, or delivery, as the case may be in regard to input or capital goods, and
\n (iv) Other activities such as manufacture and sale of goods, if any.
\n (b) All other financial records maintained by him in the normal course of business.
\n * Rules 5(4) and (5) provided for preservation of records in electronic form.
\nCentral Excise Records
\n * Rule 10 of the Central Excise Rules, 2002 required the maintenance of maintenance of 'Daily Stock Account' indicating the particulars regarding description of the goods produced or manufactured, opening balance, quantity produced or manufactured, inventory of goods, quantity removed, assessable value, the amount of duty payable and particulars regarding amount of duty actually paid.
\n * Chapter 6 of the Central Excise Manual required every assessee to furnish to the range officer, a list in duplicate, of all the records prepared or maintained by him for accounting of transactions in re<\/p>\n
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\n * production of the relevant records or documents, duly authenticated, in hard copy or in any electronically readable format, on demand
\n * making available files, codes, passwords etc on demand
\nSection 35(1) of the GST Act, 2017 prescribes that every registered taxable person shall keep and maintain accounts and other records. Since, electronic cash ledger and electronic credit ledger on common portal are maintained by government under GSTN system for GST administration therefore, electronic cash ledger and electronic credit ledger on common portal may not be covered under accounts and records. However, these can be useful aid for reconciliation and audit trail.
\nCommissioner power to notify and require taxable persons to maintain additional accounts or documents
\nAs per sec 35(3) of the GST Act, 2017, the Commissioner may notify a class of taxable persons to maintain additional accounts or documents for such purpose as may be specified.
\nAccordingly, the Co<\/p>\n
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