Jul 232018

Book of Accounts under GST

Accounts and Records to be maintained under GST – Section 35 of CGST Act:

Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of—

  1. production or manufacture of goods;
  2. inward and outward supply of goods or services or both;
  3. stock of goods – containing particulars of the 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
  4. input tax credit availed;
  5. output tax payable and paid; and, i.e.,
    1. tax collected and paid
    2. input tax
    3. Register of tax invoices
    4. Delivery challan issued or received during any tax period
  6. such other particulars as may be prescribed:
    1. goods or services imported or exported or of supplies attracting payment of tax on reverse charge along with the relevant documents
    2. Invoices
    3. Bills of supplies
    4. Delivery challans
    5. Credit notes
    6. Debits notes
    7. Receipt vouchers
    8. Payment vouchers
    9. Refund vouchers
  7. Account of advances received, paid and adjustments made thereto.

Provided that where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business:

Provided further that the registered person may keep and maintain such accounts and other particulars in electronic form in such manner as may be prescribed.

Every registered person shall keep the particulars of –

  1. names and complete addresses of suppliers from whom he has received the goods or services chargeable to tax under the Act;
  2. names and complete addresses of the persons to whom he has supplied goods or services, where required under the provisions of this Chapter;
  3. the complete address of the premises where goods are stored by him, including goods stored during transit along with the particulars of the stock stored therein.

Period to retention of books of accounts – Section 36 of CGSST Act:

Every registered person required to keep and maintain books of account or other records in accordance with the provisions of sub-section (1) of section 35 shall retain them until the expiry of seventy-two months from the due date of furnishing of annual return for the year pertaining to such accounts and records.

Due date of filling annual return is 31st December next to the end of relevant assessment year. This means 9 month from the end of relevant financial year. Thus, any books of accounts shall be maintained for a total period to 81 month (9 month + 72 month = 81 month) from the end of relevant assessment year.

How many different sets of accounts be maintained:

If a registered person show two different types of business to the department then he have to prepare two different sets of books of accounts.