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Accounts and Records including Accounting Ledgers under GST

Goods and Services Tax - GST - By: - CASanjay Kumawat - Dated:- 13-4-2018 - Maintenance of books of accounts and necessary supporting and relevant records are highly essential requirements for proper management and control of the business operations. This will facilitate the correct receipt and payment of cash and other transactions entered by the company. It is mandatory to maintain the books of accounts under Indian Companies Act, 2013 and GST Act, 2017. Hence accounts maintenance in India is .....

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uire to maintain the records as mentioned in section 35 of the CGST Act, 2017. However, a person may maintain additional records for decision making or for other useful information, such as: Import/export of goods/services, if any; Supplies attracting Reverse charge (from unregistered person or specified services/goods); Advances received/paid and adjustments made; Records for receipt of goods and services from registered person; Details for Import of goods including bill of entry and other rela .....

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the accounts relating to each place of business shall be kept at such places of business; the registered person may keep and maintain such accounts and other particulars in electronic form in prescribed manner; every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter (irrespective of whether he is a registered person or not) shall maintain records of the consigner, consignee and other relevant details of the goods in the prescribed manner; .....

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goods received and supplied by him, and such accounts shall contain particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and the balance of stock including raw materials, finished goods, scrap and wastage thereof; every registered person is required to keep the particulars of the each and every supplier, recipient and the warehouses; in case where goods found stored without any legal documents, then in this c .....

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intained; Every registered person manufacturing goods shall maintain monthly production accounts showing quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof; Every registered person supplying services shall maintain the accounts showing quantitative details of goods used in the provision of services, details of input services utilised and the services supplied; Every registered .....

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; and (e) the names and addresses of suppliers from whom he received goods or services. Recording of goods lost or stolen etc. A person is required to record the details of goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples properly in its books of accounts. In case where the registered person fails to account for the goods or services or both then the proper officer shall determine the amount of tax payable on the goods or services or both that are not acco .....

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pression of facts), as the case may be, shall, mutatis mutandis, apply for determination of such tax. Period of Retention of Accounts [Section 36 of the CGST Act, 2017] Under GST, every registered person required to keep and maintain/retain books of account or other records until the expiry of 72 months from the due date of furnishing of annual return, i.e., 31st December for the year pertaining to such accounts and records. It may be noted that a registered person, who is a party to an appeal o .....

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ied above, whichever is later. Ledger Accounts to be maintained Under GST The CGST and SGST will be charged on intra-state supplies whereas the IGST will be charged on all inter-state supplies. Therefore separate ledger account is required to be maintained related to CGST, SGST/UTGST, IGST and Compensation Cess. Following ledgers to be created under books of accounts: Statement of Financial Position Capital and Reserves Non-Current Liabilities Current Liabilities- 0.125%/1.5%/2.5%/6%/9%/14% Outp .....

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