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ACCOUNTS AND RECORDS IN GST

Goods and Services Tax - GST - By: - R.S. Mangal - Dated:- 3-8-2017 Last Replied Date:- 8-8-2017 - The GST regime has just been implemented, hence it is upmost necessary to understand the provisions related to accounts and records by every registered persons. The relevant provisions of law in GST regarding Accounts and Records are detailed in Section 35 and Section 36 of Central Goods and Service Tax Act, 2017 read with Rule 56 to 58 of Central Goods and Service Tax Rules, 2017. . These provisio .....

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ices like the accounts showing quantitative details of goods used in the provision of services, details of input services utilised and the services supplied (b) Supply both inward and outward of goods or services or both; (c) Accounts of stock of each commodity of goods including (i)raw materials,(ii) finished goods,(iii) scrap and (iv)wastage like- Opening Balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and the closing stock. ( N .....

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uchers, payment vouchers and refund vouchers also a register of tax invoice, credit notes, debit notes, delivery challan issued or received during any tax period. (j) names and complete addresses of suppliers from whom he has received the goods or services chargeable to tax under the Act; (k) names and complete addresses of the persons to whom he has supplied goods or services, where required under the provisions of GST Rules; (l) the complete address of the premises where goods are stored by hi .....

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ract; and (v) the names and addresses of suppliers from whom he received goods or services. (n) In case of agent, he shall maintain accounts depicting the,- (i) particulars of authorisation received by him from each principal to receive or supply goods or services on behalf of such principal separately; (ii) particulars including description, value and quantity (wherever applicable) of goods or services received on behalf of every principal; (iii) particulars including description, value and qua .....

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r he is a registered person or not, shall maintain records of the consigner, consignee and other relevant details of the goods Special provisions for such persons - Such person, if unregistered, shall get unique enrolment number through the common portal by filing FORM GST ENR-01 The person enrolled under sub-rule (1) as aforesaid in any other State or Union territory shall be deemed to be enrolled in the State or Union territory. Transporters shall maintain records of goods transported, deliver .....

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