How to Maintain Accounts and Records under GST
Online GST Records and Accounts to be maintained by registered person
Once Online GST registration has been completed and operations have started, every registered person shall keep and maintain following GST records and accounts:
- Documents to be maintained
- Bill of Supply
- Delivery challans
- Credit notes/Debit notes
- Receipt & Payment vouchers
- Refund vouchers &
- E-way Bills
They should also maintain a true and correct account of the goods or services imported or exported or of supplies attracting payment of tax on reverse charge.
- For each activity
Aforesaid accounts or records shall be maintained separately for each activity like Trading, Manufacturing, and Provision of Services etc.
- Stock records
Shall maintain stock records like opening balance, quantity received, quantity supplied, goods lost, goods stolen, goods destroyed, goods written off or destroyed, goods are given as a gift or free sample, closing stock etc.
Similarly, shall keep records relating to advances received, paid and adjusted.
- Details of Taxes paid and collected
Maintain details of tax payable, tax collected and paid, input tax credit claimed. Should also maintain a register of tax invoice, credit note, debit note, delivery challan issued or received during any tax period.
- Details of supplier, receiver, and place of storage
- Name, address of supplier
- Name address of receiver
- Address of premises where goods are stored including goods stored during transit
- Goods stored at place other than declared place
In case any taxable goods are stored at an undeclared place without a cover of any valid documents, an officer shall determine the amount of tax payable on such goods as if such goods have been supplied by the registered person.
- Place where books to be kept
Books of accounts shall be kept at the principal place of business and at every related place(s) of business mentioned in his certificate of registration and such books of account shall include any electronic form of data stored on any electronic device.
- Corrections in wrong entry only under attestation
In case there is any mistake in making an entry in registers, accounts, and documents, same shall not be erased, effaced or overwritten, and all incorrect entries shall be scored out under attestation and thereafter correct entry shall be recorded. In case registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained.
- Books to be serially numbered
Each volume of books of account maintained by the registered person shall be serially numbered.
In case any documents, registers or any books of account belonging to registered person are found at any other premises not mentioned in the certificate of registration, it shall be presumed to be maintained by said registered person.
- Books to be maintained by agents
- Accounts showing particulars of authorization received from principal to receive or supply goods or services on behalf of such principal.
- Description, value, and quantity of goods or services received on behalf of principal
- Description, value, and quantity of goods or services supplied on behalf of principal
- Details of accounts furnished to every principal; and
- Tax paid on receipts or on a supply of goods or services effected on behalf of every principal.
- Books to be maintained by Manufacturers
Monthly production accounts, showing the 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.
- Books to be maintained by Supplier of Services
Accounts showing the quantitative details of goods used in the provision of each service, details of input services utilized and the services supplied.
- Books to be maintained by person executing works contract
Shall keep separate accounts for each works contract showing –
- Names and addresses of the persons on whose behalf the works contract is executed;
- Description, value, and quantity of goods or services received for the execution of works contract;
- Description, value, and quantity of goods or services utilized in the execution of each works contract;
- The details of payment received in respect of each works contract; and
- The names and addresses of suppliers from whom he has received goods or services.
- Electronic records
The records under these rules may be maintained in electronic form and the record so maintained shall be authenticated by means of a digital signature.
Generation and maintenance of electronic records
- Proper electronic back-up of records shall be maintained so that in the event of destruction of such records, the information can be restored within a reasonable period of time.
- The registered person maintaining electronic records shall produce, on demand, the relevant records or documents, duly authenticated by him, in hard copy or in any electronically readable format.
- The registered person shall also provide, on demand, an account of the audit trail and inter-linkages including the source document, whether paper or electronic, and the financial accounts, record layout, data dictionary and explanation for codes used and a total number of records in each field along with sample copies of documents.
Records to be maintained by owner or operator of godown or warehouse and transporters
- Every person required to maintain records and accounts if not already registered under the Act shall submit the details regarding his business electronically in FORM GST ENR-01 and upon validation of the details furnished, a unique enrollment number shall be generated and communicated to the said person.
- Every person who is enrolled under sub-rule (1) shall, where required, amend the details furnished in FORM GST ENR-01 electronically
- Any person engaged in the business of transporting goods shall maintain records of goods transported, delivered and goods stored in transit by him and for each of his branches.
- Every owner or operator of a warehouse or godown shall maintain 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.