Accounts & Records Under GST

Accounts & Records under GST all inclusive price start ₹ 15,000/- ₹ 7,500/-

What is Accounts & Records GST?

Under GST, every registered person is required to maintain following records at the principal place of business specified in the registration certificate: –

Manufacture of goods
Inward and outward supply of goods and/or services
Stock of goods
Input tax credit availed
Output tax payable and paid

If more than one place of business is specified in the registration certificate, accounts relating to each place of business must be kept at the respective places.

Maintaining books and records in electronic form will be ideal and convenient for accurate and timely compliance under GST.

Accounts & Records under GST for turnover above audit limit persons?

In addition to maintaining the accounts specified above, a registered person whose turnover during the financial year exceeds Rs. 2 crore is required to,

Get the accounts audited by a Chartered Accountant or Cost Accountant and
Submit a copy of the audited annual accounts and a reconciliation statement in Form GSTR- 9B while filing the annual return in Form GSTR-9.

In the reconciliation statement, the Chartered Accountant or Cost Accountant is required to certify that the value of supplies declared in the annual return reconciles with the audited annual financial statement

Accounts & Records under GST for persons having Go-down and warehouse owner or operators, and transporters

Transporter – records for all branches of goods transported, delivered, and stored in transit
Warehouse and Go-down owner or operator – records of those goods remain in the warehouse, including details relating to dispatch, movement, receipt, and disposal of such goods
The owner or operator must store the goods so that they can be identified item wise and owner wise and shall facilitate any physical verification or inspection.
Board resolutions for giving authority to employees/ consultants/ director as the case may to sign the various
Documents

How long accounts & records should be retained under GST?

Every registered person is required to retain accounts and records for 6 years from the due date of filing of annual return for the year to which the accounts and records pertain.

For example: For accounts and records pertaining to Financial Year ’17-’18, annual return must be filed by 31^st December ’18. These accounts and records must be retained till 31^st December ’24

List of Records under GST

Sale invoices
Purchase invoices
Stock Ledger
Stock statement
Inward and outward register
Copies of E-way Bill
Copies of Delivery Challan for Job work sent and received back
Copies of receipt, refund and payment vouchers
Debit and credit note
Expenses voucher whether GST is payable under Reverse Charge
Quantitative information of 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 Name and address of all vendors and customers Material issue record, production record and scrap records in case of Manufacturing Organizations.

Accounts & records under GST to be maintained by Works Contractors

The names and addresses of the persons on whose behalf the works contract is executed
Description, value and quantity (wherever applicable) of goods or services received for the execution of works contract
Description, value and quantity (wherever applicable) of goods or services utilized in the execution of 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

Accounts & records under GST to be maintained by Agents

Particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately
Particulars including description, value and quantity (wherever applicable) of goods or services received & Supplied on behalf of every principal
Details of accounts furnished to every principal and
Tax paid on receipts or on supply of goods or services effected on behalf of every principal.