TMI BlogAccounts and Records under GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... er particulars as may be prescribed. CGST Rules, 2017 prescribe maintaining records pertaining to goods or services imported or exported or of supplies attracting payment of tax on reverse charge along with relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills. Every registered person shall also keep and maintain a separate account of advances received, paid and adjustments made thereto. Detailed method of keeping records have been prescribed in rule 56 of CGST Rules, 2017 . Q 84. Where should the registered person keep the records under GST? Ans. The accounts and records have to be maintained at the place of business mentioned in the certificate of registration. If more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business. ( Section 35(1) of CGST Act ). In case of supply of tea, coffee, rubber, etc. where the auctioneer claims ITC in respect of the supply made to him by the principal before or after the auction of such goods and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istered person? Ans. Every registered person, other than a person paying tax under section 10 , shall maintain accounts of stock in respect of goods received and supplied by him, and such account shall contain particulars of opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and balance of stock including raw material, finished goods, scrap and wastage thereof. ( Rule 56(2) of CGST Rules, 2017 ). Q 88. Is it necessary for the registered person to keep separate record of advances received? Ans. Yes. As per Accounts and records rules, every registered person has to keep and maintain a separate account of advances received, paid and adjustments made thereto. ( Rule 56(3) of CGST Rules, 2017 ). Q 89. Is it necessary for registered persons to maintain details of tax paid and payable? Ans. All registered persons except persons opting to pay tax under composition levy need to maintain such details. As per the rules, every registered person, other than a person paying tax under section 10 , shall keep and maintain an account, containing the details of tax payable (including tax payable in accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vision of services, details of input services utilised and the services supplied. ( Rule 56(13) of CGST Rules, 2017 ) Q 94. What are the accounts which a person supplying works contract need to maintain? Ans. Every registered person executing works contract has to 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 received in respect of each works contract; and (e) the names and addresses of suppliers from whom he received goods or services. ( Rule 56(14) of the CGST Rules, 2017 ) Q 95. What are the accounts and records that an Agent need to maintain? Ans. Every agent referred to in section 2(5) shall maintain accounts depicting the (a) particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of accounts with respect to the period for which particular goods remain in the warehouse, including the particulars relating to dispatch, movement, receipt, and disposal of such goods. The owner or the operator of the godown shall store the goods in such manner that they can be identified item wise and owner wise and shall facilitate any physical verification or inspection by the proper officer on demand. Q 97. What are the records which a person having custody over the goods in the capacity of a carrier or clearing and forwarding agent need to maintain? Ans. Any person having custody over the goods in the capacity of a carrier or a clearing and forwarding agent for delivery or dispatch thereof to a recipient on behalf of any registered person shall maintain true and correct records in respect of such goods handled by him on behalf of the such registered person and shall produce the details thereof as and when required by the proper officer. Q 98. Is it necessary to show the records and accounts maintained under these rules to the proper officer? Ans. Yes. The records need to be shown on Demand. Every registered person shall, on demand, produce the books ..... X X X X Extracts X X X X X X X X Extracts X X X X
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