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Accounts and Records in GST - GST Law and Procedure [January, 2019] - GST

Extract

..... ry registered person shall keep and maintain all records at his principal place of business. It also cast, responsibility on owner or operator of warehouse or godown or any other place used for storage of goods and on every transporter, irrespective of whether he is a registered person or not, to maintain specified records. The section also empowers the Commissioner to notify a class of taxable persons to maintain additional accounts or documents for specified purpose or to maintain accounts in other prescribed manner. It also provides that every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant. 3. Section 35 of the CGST Act, 2 .....

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Accounts and Records in GST - GST Law and Procedure January, 2019 - GST

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..... , scrap and wastage thereof; b) a separate account of advances received, paid and adjustments made thereto; c) an account, containing the details of tax payable, tax collected and paid, input tax, input tax credit claimed, together with a register of tax invoice, credit note, debit note, delivery challan issued or received during any tax period [not required for person paying tax under section 10]; d) names and complete addresses of suppliers from whom goods or services , chargeable to tax under the Act, have been received; e) names and complete addresses of the persons to whom supplies have been made; f) the complete addresses of the premises where the goods are stored including goods stored during transit along with the particulars of the .....

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Accounts and Records in GST - GST Law and Procedure January, 2019 - GST

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..... e said registered person. If any taxable goods are found to be stored at any place(s) other than those declared without the cover of any valid documents, the proper officer shall determine the amount of tax payable on such goods as if such goods have been supplied by the registered person. 7. Attention is invited to Circular No. 23/23/2017- GST dated 21.12.2017 which provides relaxation from maintenance of books of accounts relating to additional place of business by a principal or an auctioneer for the purpose of auction of tea, coffee, rubber etc. subject to prescribed conditions. 8. Any entry in registers, accounts and documents shall not be erased, effaced or overwritten, and all incorrect entries, otherwise than those of clerical natur .....

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Accounts and Records in GST - GST Law and Procedure January, 2019 - GST

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..... cords due to accidents or natural causes, the information can be restored within a reasonable period of time. produce, on demand, the relevant records or documents, duly authenticated, in hard copy or in any electronically readable format. Where the accounts and records are stored electronically by any registered person, he shall, on demand, provide the details of such files, passwords of such files and explanation for codes used, where necessary, for access and any other information which is required for such access along with a sample copy in print form of the information stored in such files. 11. Records to be maintained by owner or operator of godown or warehouse and transporters: The transporters, owners or operators of godowns, if not .....

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Accounts and Records in GST - GST Law and Procedure January, 2019 - GST

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