{"id":2655,"date":"2019-11-14T14:36:11","date_gmt":"2019-11-14T09:06:11","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2655"},"modified":"2019-11-14T14:36:52","modified_gmt":"2019-11-14T09:06:52","slug":"accounts-and-records-under-gst","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/accounts-and-records-under-gst\/","title":{"rendered":"Accounts and Records Under GST"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">This article discusses the accounts and records under GST that are required to be maintained by the taxpayer, retention period and such other obligations that are required to have complied in respect of accounts and records.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2648 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/accounts-under-gst.png\" alt=\"accounts under gst\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/accounts-under-gst.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/accounts-under-gst-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/accounts-under-gst-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/accounts-and-records-under-gst\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/accounts-and-records-under-gst\/#Who_are_required_to_maintain_Accounts_and_Records\" title=\"Who are required to maintain Accounts and Records?\">Who are required to maintain Accounts and Records?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/accounts-and-records-under-gst\/#Records_to_be_maintained_under_GST\" title=\"Records to be maintained under GST\">Records to be maintained under GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/accounts-and-records-under-gst\/#Accounts_to_be_maintained_under_GST\" title=\"Accounts to be maintained under GST\">Accounts to be maintained under GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/accounts-and-records-under-gst\/#Electronic_Cash_and_Credit_Ledger\" title=\"Electronic Cash and Credit Ledger\">Electronic Cash and Credit Ledger<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/accounts-and-records-under-gst\/#Retention_Period_of_Accounts_under_GST\" title=\"Retention Period of Accounts under GST\">Retention Period of Accounts under GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/accounts-and-records-under-gst\/#Consequences_of_Not_Maintaining_Proper_Records\" title=\"Consequences of Not Maintaining Proper Records\u00a0\">Consequences of Not Maintaining Proper Records\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Assessment under GST is mainly focused on the self-assessment by the <a href=\"https:\/\/aktassociates.com\/blog\/taxpayers-in-india\/\">taxpayer<\/a> where the taxpayer self-assesses his tax liability for the tax period by himself and pays the same. For the sake of compliance verification, scrutiny, audit and or investigation are done by the department based on the documentary checks rather than physical records. This led to frame a certain obligation to be complied with by the taxpayer for the purpose of keeping and maintaining accounts and records.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_are_required_to_maintain_Accounts_and_Records\"><\/span><strong>Who are required to maintain Accounts and Records?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Every person registered under the GST act is required to keep and maintain all records at his principal place of business.<\/span><\/p>\n<p><strong>It is the responsibility of the following a person to maintain certain records<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Owner\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The operator of the warehouse or godown or any other place where goods are stored.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Every Transporter<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">irrespective of the fact whether he is a registered person or not, He shall maintain records of the consignor, consignee, and other relevant facts or goods in such manner as may be prescribed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Every Registered Person having a turnover exceeding Rs.2 Crore during the financial year has to get his accounts audited by a chartered accountant or a cost accountant <\/span><span style=\"font-weight: 400;\">and shall submit a copy of audited annual accounts, the reconciliation statement and such other documents as may be prescribed.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Records_to_be_maintained_under_GST\"><\/span><strong>Records to be maintained under GST<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>As per section 35 of CGST act, every Registered person shall keep and maintain the following records<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Production or manufacture of goods<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Supply of goods or services or both<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Stock of goods<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/aktassociates.com\/blog\/input-tax-credit-itc\/\">Input tax credit<\/a> availed<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Output tax payable and paid and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Such other particulars as may be prescribed.<\/span><\/li>\n<\/ul>\n<p><strong>In addition to the above, every registered person shall keep and maintain records of\u00a0<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Goods or services imported or exported<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Supplies on which reverse charge mechanism applies<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">invoices, bills of supply, delivery challans, credit notes, debit notes, receipt, vouchers, payment vouchers, refund vouchers, and e-way bills and such other documents that are relevant to the above.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Accounts_to_be_maintained_under_GST\"><\/span><strong>Accounts to be maintained under GST<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Following accounts are required to be maintained by Every registered person<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Stock register account containing information\u2019s with respect to stock opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and balance of stock which includes raw materials, finished goods, scrap, and wastage thereof<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tax accounts containing details of output tax payable, Input tax credit, etc.,<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Supplier accounts from whom taxable goods or services purchased<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Debtor accounts to whom taxable goods or services supplied<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And such other records as may be specified under the act<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Electronic_Cash_and_Credit_Ledger\"><\/span><strong>Electronic Cash and Credit Ledger<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Every registered person is required to maintain 3 ledgers under GST which will be auto-generated at the time of registration and will be maintained electronically.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Electronic Cash Ledger- Electronic Cash ledger is like an e-wallet where the taxpayer deposits money into his cash ledger (adding money to the wallet). The money shall be utilized for the purpose of making the payment.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Electronic Credit Ledger- Electronic Credit Ledger is a place where input tax credit on purchases will get reflected under three categories such as<a href=\"https:\/\/aktassociates.com\/blog\/gst-types-igst-cgst-sgst-utgst\/\"> IGST, CGST &amp; SGST<\/a>. The taxpayer can utilize such Input tax credit for the payment of output tax but not for the purpose of interest and penalty payments.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Electronic Liability Ledger: Electronic Credit ledger is an auto-populated ledger showing the details of the total tax liability of a taxpayer after netting off for the particular month.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Retention_Period_of_Accounts_under_GST\"><\/span><strong>Retention Period of Accounts under GST<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per section 36 of the <a href=\"https:\/\/aktassociates.com\/blog\/blocked-credit-as-per-section-175-under-cgst\/\">CGST Act<\/a>, every registered person is required to keep and maintain the account books and records for the period of at least 6 years from the due date of furnishing an <a href=\"https:\/\/aktassociates.com\/blog\/gstr-9-everything-you-want-to-know-about-gst-annual-return\/\">annual return<\/a> for the year pertaining to such accounts and records.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case the taxpayer is a party to an appeal or revision or any other proceedings before any Appellate Authority or Revisional Authority or Appellate Tribunal or court or is under investigation, then such taxpayer is required to retain the books of account and other records pertaining such proceedings for a period of 1 year after final disposal of such investigation or proceedings or appeal, or for the period specified above, whichever is later.<\/span><\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/business-registrations\/tax-registration\/online-gst-registration\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2070 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/gst-registration-1.png\" alt=\"gst registration\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/gst-registration-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/gst-registration-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/gst-registration-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Consequences_of_Not_Maintaining_Proper_Records\"><\/span><strong>Consequences of Not Maintaining Proper Records\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In case of failure to maintain proper records in respect of goods or services, then the proper officer shall determine the tax payable on such unaccounted goods or services by assuming that the unaccounted goods or services have been supplied by such person <\/span><span style=\"font-weight: 400;\">and proceedings of section 73 or 74 shall mutatis mutandis apply for a determination of tax.<\/span> Section 35(6) of the CGST Act.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article discusses the accounts and records under GST that are required to be maintained by the taxpayer, retention period &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Accounts and Records Under GST\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/accounts-and-records-under-gst\/#more-2655\">Read more<span class=\"screen-reader-text\">Accounts and Records Under GST<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Accounts and Records under GST AKT 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