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Accounts and records under GST part 1
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Accounts and records under GST part 1

CA Satbir Singh is teaching live on Unacademy Plus

CA Satbir Singh
Chartered Accountant with 10 plus years of experience in taxation and finance .also running you tube channel with CA SATBIR Singh having mor

U
Unacademy user
thank you so much sir....u made it so simple to understand
  1. Accounts and Records under GST What happens for not maintaining books of account under GST for Goods and Services Supplied? Subject to the provisions section 17(5)(h), where the registered person fails to account for the goods and/or services in accordance with Section 35(1), the proper officer shall determine the amount of tax payable on the goods and/or services that are not accounted for, as if such goods and/or services had been supplied by such person, and the provisions of Sections 73 or 74 (Demand related provisions), as the case may be, shall apply, mutatis mutandis, for determination of such tax.[ Section 35 (6) of CGST Act ] Note: Under section 17(5)(h), input tax credit shall not be available in respect of goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and


  2. Who is required to maintain Accounts and Records under GST? As per section 35 (2) of CGST Act: 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 such manner as may be prescribed Note It is not mentioned that only registered persons under GST are required to maintain records


  3. I am a transporter and does not need to get registered in GST But, I do business with registered persons. Do I have to maintain any details? Answer: Yes. Please refer to Chapter VII- Accounts & Records of CGST Act. As per section 35 (2) of CGST Act: 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 such manner as may be prescribed


  4. In case of more than one place of business, the records are required to be maintained only at principal place of business? No, in case of additional places of business, the accounts relating to each place of business shall be kept at such places of business concerned (provided such place is specified in the certificate of registration). Proviso to Section 35 (1) of CGST Act ] Every registered person shall keep the books of account at the principal place of business and books of account relating to additional place 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. [ Rule 56(7 )of CGST Rules 2017)


  5. Storage of Goods at place not decla red in GST registration certifi heavy rain, we planning to keep my finished goods Inputs out side my registered premises for 30 days (very near / beside to my registered premises). Is it mandatory to add additional place of business Rule 56 (5)( c) of CGST Rules says: Every registered person shall stored at any place(s) other than keep the particulars of the those declared under Rule 56 (5) complete address of the premises where goods are stored by him, including goods stored during transit on such goods as if such goods along with the particulars of have been supplied by the the stock stored therein. Rule 56 (6) of CGST Rules says It any taxable goods are tound to be without the cover of any valid documents, the proper officer shall determine the amount of tax payable registered person.


  6. When records of Additional place of Business can be maintained at at principal place of business? 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 the auction of such goods and the said goods are supplied only through auction Then, both the principal and the auctioneer are required to maintair the books of accounts relating to the additional place(s) of business at their principal place of business instead of such additional place(s) [Refer Circular No.23/23/2017-GST dated 21.12.2017]


  7. What are the basic Accounts and Records to be maintained under GST? As per section 35 (2) of CGST Act every registered person shall maintain a) production or manufacture of goods; b) inward and outward supply of goods or services or both; c) stock of goods; d) input tax credit availed; e) output tax payable and paid; and f ) such other particulars as may be prescribed [Rule 56 of CGST rules 2017].


  8. What are the Additional Accounts and Records to be maintained under GST? In addition to the records to be maintained under section 35 of the CGST Act, , the rules [ Rule 56 of CGST Rules 2017 ] also provide that the registered person shall keep and maintain records of a) goods or services imported or exported; or b) supplies attracting payment of tax on reverse charge along witlh relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills. c) separate account of advances received, paid and adjustments made thereto. d) Tax payable on reverse charge basis; e) Tax payable, tax collected and paid, input tax, input tax credit claimed, together with a register of tax invoice, credit notes, debit notes, delivery challan issued or received during any tax period (Not applicable to composition dealer);


  9. What are the Additional Accounts and Records to be maintained under GST? In addition to the records to be maintained under section 35 of the CGST Act, , the rules [ Rule 56 of CGST Rules 2017 ] also provide that the registered person shall keep and maintain records of f) Names and complete addresses of suppliers from whom he has received the goods or services; g) Names and complete addresses of the persons to whom he has supplied the goods or services; and h) Complete addresses of the premises where the goods are stored by him, including goods stored during transit along with the particulars of the stock stored therein


  10. Whether an agent required to maintain any set of books of accounts? Yes as per Rule 56(11) of the CGST Rules, 2017, every agent referred in section 2(5) of the CGST Act, 2017 shall maintain accounts containing 1. particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately; 2. particulars including description, value and quantity (wherever applicable) of goods or services received on behalf of every principal; 3. particulars including description, value and quantity (wherever applicable) of goods or services supplied on behalf of every principal; 4. details of accounts furnished to every principal; and 5. tax paid on receipts or on supply of goods or services effected on behalf of every principal.


  11. Whether any specific record to be maintained by custodian of goods? Ans. Yes, as per Rule 56(17) of the CGST Rules, 2017, 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.


  12. What are the records to be maintained by the owner or operator of a warehouse or godown? Yes, every owner/ operator of warehouse or godowns or any other place used for storage of goods (whether registered or not) needs to maintain records of consigner, consignee and other relevant details as under: Accounts related to that period for which goods remain in the warehouse Details of dispatch, movement, receipt and disposal of goods I Rule 58(4) of CGST Rules 2017 ] 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 I Rule 58(5) of CGST Rules 2017 ]


  13. Is there any category of registered person required to maintain additional accounts or documents? Ans. As per Section 35(3) of the Act, the Commissioner may notify a class of taxable persons to maintain additional accounts or documents for such purpose as may be specified therein.


  14. Can any person be allowed to not maintain books of account as per provisions of Section 35 of the CGST Act? Ans. Yes, as per provisions of section 35(4), in case any class of taxable persons is not in a position to keep and maintain accounts in accordance with the provisions of section 35, the Commissioner may permit such class of taxable persons to maintain accounts in such manner as may be prescribed after recording the reasons for the same in writing.