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DOCUMENTS, ACCOUNTS & RECORDS IN GST (PART-III)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 5-12-2017 - Audit of Accounts As per section 35(5) of the GST Act, 2017 read with rule 80(3) of the GST Rules, 2017, every registered taxable person aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited statement of accounts, the reconciliation statement as required to be filed al .....

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rescribed documents in prescribed form and manner. An assessee is required to submit the required statements/reports in an electronic form. As per section 44(2) of the GST Act, 2017, every taxable person who is required to get his accounts audited under section 35(5) shall furnish, electronically, the annual return along with the audited copy of the annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the year with the audited ann .....

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949.As per section 2(1) (b) of Chartered Accountants Act, 1949, chartered accountant means a person who is a member of the Institute of Chartered Accountant of India (ICAI). As per section 2(35) of the GST Act, 2017 means a cost accountant within the meaning of the Cost and Works Accountants Act, 1959). As per section 2(1)(b) of Cost and Works Accountants Act, 1959, cost accountant means a person who is a member of the Institute of Cost and Works Accountants of India (ICAI). Records to be mainta .....

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he goods shall be stored in such manner that they can be identified item wise and owner wise and shall facilitate any physical verification or inspection, if required at any time. Records to be maintained by an Agent As per rule 56(11) of the GST Rules, 2017, every agent referred to in clause (5) of section 2 shall maintain the following accounts: (a) particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately; (b .....

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) of the GST Rules, 2017, every registered person executing works contract shall keep separate accounts for works contract showing - (a) the names and addresses of the persons on whose behalf the works contract is executed; (b) description, value and quantity (wherever applicable) of goods or services received for the execution of works contract; (c) description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract; (d) the details of payment .....

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behalf of such registered person and shall produce the details thereof as and when required by the proper officer. Time limit for retention of books of account / other records As per section 36(1) of the GST Act, 2017, every registered taxable person who is required to keep and maintain books of account or other records shall retain them until the expiry of seventy-two months (6 years) from the last date of filing of annual return for the year pertaining to such accounts and records. Accordingly .....

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