Accounts and Records to be maintained under GST

As per the GST Act, every registered taxable person is required to keep and maintain books of account at his principal place of business that is mentioned in the certificate of registration.

Accounts - Following are the books of accounts that need to be maintained on a true and correct basis –

·       Production or manufacture of goods

·       Inward/Outward supply of Goods/Services

·       Stock of goods

·       Input tax credit availed

·       Output tax payable and paid

Additional Accounts - Besides these, there are some additional accounts that needed to be maintained such as

·       Goods/services exported or imported

·       Supplies involving reverse charge along with proper documents

·       Accounts of stock for each commodity received or supplied

·       Advances received, paid and adjusted

·       Tax payable on RCM

·       Tax payable, tax collected and paid, input tax, input tax credit claimed, together with a register of tax invoice, credit note, debit note, delivery challan issued or received during any tax period;

·       Names and address of suppliers of goods/services

·       Names and addresses of receivers of goods/services

·       Complete address of places where goods are stored

Agent – Every agent as per the GST is required to maintain the following accounts –

·       Particulars of authorization received by him from every principal separately relating to supply or receive goods/services on behalf of principal

·       Particulars including description, value and quantity of goods/services received or supplied

·       Details of account furnished to every principle

·       Tax paid on supply or receipt of goods/services on behalf of every principle

Works contract - The registered person providing works contract service shall maintain the accounts showing –

·       The names and addresses of the persons on whose behalf the works contract is executed

·       Description, value and quantity of goods received or supplied for the execution of works contract

·       The details of payment received in respect of each works contract

·       The names and addresses of suppliers from whom he has received goods or services.

Carry and forward agent - The clearing and forwarding agent or the carrier of goods shall maintain true and correct records in respect of such goods handled by him on behalf of the registered person.

Owners/operators of godowns/warehouses/transporters - Every owner/ operator of warehouse or godowns or any other place used for storage of goods and transporter (whether registered or not) needs to maintain records of consigner, consignee and other relevant details as under:

For transporter               

o  Goods transported

o  Goods delivered

o  Goods stored in transit by him or branches

For owners/operators of godowns/warehouses

o  Accounts related to that period for which goods remain with him

o  Details of dispatch, movement, receipt and disposal

Owner/ operator of warehouse or godowns or any other place used for storage of goods and transporter if not registered is required to submit the details regarding his business electronically on the Common Portal in FORM GST ENR-01, either directly or through a Facilitation Centre notified by the Commissioner.

Place - The books of account are to be maintained at principal place of business as mentioned in the certificate of registration.

In case of additional places of business, the accounts relating to each place of business shall be kept at such places of business concerned.

Exception - In case any persons is not in a position to keep and maintain accounts in accordance with the provisions of this section, the Commissioner/ Chief Commissioner may permit such persons to maintain accounts in such manner as may be prescribed after recording the reasons for the same.

Time limit – Every registered person required to maintain books of accounts has to retain such accounts until the expiry of 72 months from the date of filing of annual returns for the year pertaining to such accounts and records.