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Accounts and records under GST part-2
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Accounts and records under GST part 2

CA Satbir Singh is teaching live on Unacademy Plus

CA Satbir Singh
Chartered Accountant with 10 plus years of experience in taxation and finance .

U
Unacademy user
  1. What records are to be maintained by manufacturer of Goods? Every registered person manufacturing goods shall maintain monthly production accounts showing 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. [Rule 56(12) of CGST and SGST Rules, 2017.]


  2. How should manual records be maintained under GST Each volume of books of account maintained manually by the registered person shall be serially numbered. [Rule 56(9) of CGST and SGST Rules, 2017.1


  3. Whether alteration or overwriting of records is allowed under GST? Any entry in registers, accounts and documents shall not be erased, effaced or overwritten, and all incorrect entries, otherwise than those of clerical nature, shall be scored out under attestation and thereafter, the correct entry shall be recorded and where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained. Rule 56(8) of CGST and SGST Rules, 2017]


  4. Can the Records be maintained in electronic form? Yes, the registered person may keep and maintain such accounts and other particulars in the electronic form, however the said records must be authenticated by way of digital signatures. [Rule 56(15) of CGST Rules 2017] Proper electronic back-up of records shall be maintained and preserved in such manner so that the information can be restored within a reasonable period of time in the event of destruction of such records due to accidents or natural causes, the. The same shall be produced on demand along with its sample haro copy and passwords, codes, etc. [Rule 57 of CGST Rules 2017 ]


  5. What will happen If Accounts and Records belonging to the the person are found in premises not registered under GST? Unless proved otherwise, if any documents, registers, or any books of account belonging to a registered person are found at any premises other than those mentioned in the certificate of registration, they shall be presumed to be maintained by the said registered person. they shall be presumed to be m [Rule 56(10) of CGST and SGST Rules, 2017.]


  6. Whether Accounts maintained under CGST Act are to be audited? Every registered person whose turnover during a financial year exceeds the prescribed-limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement [ GSTR 9C] under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed I Section 35(5) of CGST Act 2017] Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner. [ Rule 80(3) of CGST Rules 1


  7. Whether Accounts maintained under CGST Act are to be audited in case of Govt? Any department of the Central Government or a State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force shall be exempted by this provision of audit [ Section 35(5) of CGST Act 2017] ( Inserted by the Central Goods and Services Tax (Amendment) Act, 2018, with effect from a date yet to be notified)


  8. Upto What Period for of accounts and Books should be preserved under GST? All accounts maintained together with all invoices, bills of supply, credit and debit notes, and delivery challans relating to stocks, deliveries, inward supply and outward supply shall be preserved for seventy two months (six years) from the due date of furnishing of annual return for the year pertaining to such accounts and records and shall be kept at every related place of business mentioned in the certificate of registration [Section 36 (of CGST Act ]


  9. Upto What Period for of accounts and Books should be preserved under GST in case of Appeal, revision etc? A registered person, who is a party to an appeal or revision or any other proceedings before any Appellate Authority or Revisional Authority or Appellate Tribunal or court, whether filed by him or by the Commissioner, or is under investigation for an offence under Chapter XIX, shall retain the books of account and other records pertaining to the subject matter of such appeal or revision or proceedings or investigation for a period of one year after final disposal of such appeal or revision or proceedings or investigation, or for the period of Seventy two months (six years) from the due date of furnishing of annual return for the year whichever is later. Provisio to Section 36 (of CGST Act ]


  10. Who has to maintain Accounts and records if goods are Supplied to job Worker ? The responsibility for keeping proper accounts for the inputs or capital goods shall lie with the principal. [Section 143 (3) of CGST Act 1