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Accounts and Records
GST Act specifies that every registered taxable person must maintain the account books and records for at least 72 months (6 years) at any given point of time. The period will be counted from the last date of filing of Annual Return for that year. Based on the account created and maintained, various GST ENR is used.
Books and records include the following along with related documents:
2. Bills of supply
3. Delivery Challans
4. Credit/ Debit Notes
5. Receipt Vouchers
6. Payment Vouchers
7. Refund Vouchers
8. E-way Bills
It should be maintained separately for each activity like manufacturing, trading, and services.
Stock – To be calculated for each commodity
Except person paying tax U/s 10, who opted composition scheme:
1. Opening balance
4. Goods lost/ stolen/destroyed/ written off/disposed
5. Disposed of by way of gift/free samples
6. Closing balance
It should be being maintained for raw material, finished goods, scrap, wastage, etc.
1. Advance received
2. Advance Paid
3. Advance Adjustments
4. Each RP ( except person paying tax U/s 10; opted composition scheme) shall maintain details of tax payable, tax collected, paid, input tax credit claimed along with others.)
5. Every RP shall keep the name and complete address of
6. Suppliers from whom he has received goods/services
7. Suppliers to whom he has supplied goods/services
8. Premises/goods in transit where goods stored by him.
The taxable goods should be stored in the Registered Premises (RP) with a valid document. If it is without any valid documents, the proper officer shall determine the tax payable on such goods as determined by the Law:
1. Every RP shall keep the books of accounts. It should be both in paper and electronic form at the Principal Place of business and at other places as mentioned in the certificate of registration.
2. Any entry in registers, accounts, and documents should be maintained legibly with overwriting. All incorrect entries shall be scored with proper attestation after recording the correct entry. In the case of electronic accounts, a log of every entry edited/deleted to be maintained.
3. Each volume of books of accounts should be serially numbered.
4. Any documents, registers, or books of accounts belonging to a Registered premise found at any other premises that are not mentioned in the registration certificate should be presumed to be maintained by the said RP.
What does every agent should oblige to?
Every agent is obliged to have the following information readily available for inspection by the authorities at any given point of time in the entity:
1. Particulars of authorization from each principal separately.
2. Particulars (Description, Value & Quantity) of Goods/services received on behalf of every principal.
3. Particulars (Description, Value & Quantity) of Goods/services Supplied on behalf of every principal.
4. Details of accounts furnished to every principal.
5. Tax paid on receipts/supply of Goods/services effected on behalf of every principal.
6. Every Registered Premise shall maintain the Monthly production/accounts showing quantitative details of raw materials/input services used in manufacture/provision of services and details of finished goods/services, waste, and by-products thereof.
What does Registered Premise for contract work must have?
Every RP executing works contracts shall keep separate accounts for each work contract having the following:
1. The name and address of the person on whose behalf the work is executed.
2. Description, value, and quantity of goods/services received or utilized in the execution of each work contract.
3. The details of payment received for each work contract.
4. The name and address of suppliers from whom he has received goods/services.
5. In case of records maintained in electronic form the same shall be authenticated by means of a digital signature.
6. All the books of accounts shall be preserved for a period as mentioned U/s 36 and produce on demand.
7. Any person like a carrier, custodian, or clearing & forwarding agent shall maintain true and correct records in respect of goods handled by them on behalf of registered persons and shall produce as and when required by the proper officer.
Generation and Maintenance of Electronic Record
Every RP should have the following:
1. Proper backup with a restoration time of a reasonable period.
2. On-demand produces the records with duly authentication (the hard copy or electronic readable format).
3. On-demand should produce audit trail, interlinkage source documents financial accounts, record layout, data dictionary and explanation of codes used, etc.
Records to be maintained by Owner/Operator of going down/ Warehouse/Transporters
The following are the records to be maintained by various types of business entities as mentioned below:
1. Every person required to maintain records under section 35(2). if not already registered shall submit details regarding his business in Common portal in FORM GST ENR-01, after validation of the same a unique enrolment number shall be generated and communicated to the said person.
2. The person enrolled as above in any other state or UT shall be deemed to be enrolled in the state or UT.
3. The FORM GST ENR-01 may be amended where required.
4.Transporter of goods shall maintain records of goods transported, delivered, and goods stored in transit by him for each of his branches.
5.Every owner/Operator of a warehouse or godown shall maintain books of accounts in respect of goods remained in the warehouse i.e. dispatch, movement, receipt, and disposal of such goods.
6.Every owner/Operator of a warehouse or godown shall store the goods in such a manner that they can be identified item-wise and owner-wise and shall facilitate any physical verification/inspection by the proper officer on demand.
Find Your GST ENR-01 Form here: GST ENR- 01