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Procedure for Accounts & records maintained by registered person and auctioneer - GST Ready Reckoner - GSTExtract Procedure accounts records maintained by registered person and auctioneer How to maintain accounts and records Restriction in erasing or deleting [Rule 56(8)] No entry to be erased/overwritten Any entry in registers, accounts and documents shall not be erased, effaced or overwritten, and all incorrect entries, otherwise than those of clerical nature, shall be scored out under attestation and thereafter, the correct entry shall be recorded. where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained. Each Volume to be serially numbered [Rule 56(9)] Each volume of books of account maintained manually by the registered person shall be serially numbered. Records may be in electronic form and authenticate in electronic form [Rule 56(15)] Every registered person shall keep the books of account at the principal place of business and books of account relating to additional place of business mentioned in his certificate of registration and such books of account shall include any electronic form of data stored on any electronic device. The records shall be authenticated by means of a digital signature. Preserved the books of account [Rule 56(16)] Accounts maintained by the registered person together with all the invoices, bills of supply, credit and debit notes, and delivery challans relating to stocks, deliveries, inward supply and outward supply shall be preserved for the period as provided in section 36 and shall be where such accounts and documents are maintained manually, be kept at every related place of business mentioned in the certificate of registration and shall be accessible at every related place of business where such accounts and documents are maintained digitally. Back-up of records Proper electronic back-up of records shall be maintained and preserved in such manner that, in the event of destruction of such records due to accidents or natural causes, the information can be restored within a reasonable period of time. [Rule 57(1)] In case of auction of tea, coffee, rubber etc. requirement of maintaining the books of accounts [ Circular No. 47/21/2018-GST dated 08th June, 2018] Issue - In case of auction of tea, coffee, rubber etc., whether the books of accounts are required to be maintained at every place of business by the principal and the auctioneer, and whether they are eligible to avail input tax credit. (a) Clarification regarding requirement of maintaining the books of accounts at the principal place of business and additional place(s) of business in case of auction of tea, coffee, rubber, etc, is clarified as below: (a) For the purpose of auction of tea, coffee, rubber, etc, the principal and the auctioneer may declare the warehouses, where such goods are stored, as their additional place of business. The buyer is also required to disclose such warehouse as his additional place of business if he wants to store the goods purchased through auction in such warehouses. For the purpose of supply of tea through a private treaty, the principal and an auctioneer may also comply with the said provisions. (b) The principal and the auctioneer for the purpose of auction of tea, coffee, rubber etc., or the principal and the auctioneer for the purpose of supply of tea through a private treaty, are required to maintain the books of accounts relating to each and every place of business in that place itself in terms of the first proviso to sub-section (1) of section 35 of the CGST Act. However, in case difficulties are faced in maintaining the books of accounts, it is clarified that they may maintain the books of accounts relating to the additional place(s) of business at their principal place of business instead of such additional place(s). (c) The principal and the auctioneer for the purpose of auction of tea, coffee, rubber etc., or the principal and the auctioneer for the purpose of supply of tea through a private treaty, shall intimate their jurisdictional officer in writing about the maintenance of books of accounts relating to the additional place(s) of business at their principal place of business. (b) Clarification regarding availment of Input tax credit in case of auction of tea, coffee, rubber, etc, is clarified as below: The principal and the auctioneer for the purpose of auction of tea, coffee, rubber etc., or the principal and the auctioneer for the purpose of supply of tea through a private treaty, shall be eligible to avail input tax credit subject to the fulfilment of other provisions of the CGST Act read with the rules made thereunder.
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