CBEC has issued the final accounts and record rules. Every registered person under the GST law would be required to maintain its accounts and records as follows:
· Keep and maintain, at his principal place of business, as mentioned in the certificate of registration, account of—
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
f) goods or services imported and exported
g) supplies attracting payment of tax on reverse charge
h) along with relevant documents including invoices, bill of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills
· Maintain account of stock in respect of goods received and supplied by him, such as opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and balance of stock including raw material, finished goods, scrap and wastage thereof.
· Maintain separate account of advances received, advances given and adjustments made thereto.
· Maintain an account containing details of tax payable (including tax payable under reverse charge), tax collected and paid at source, input tax, input tax credit claimed together with a register of tax invoice, credit notes, debit notes, delivery challan issued or received.
· Keep particulars of name and complete address of suppliers/ customers to/from he has received/supplied taxable goods or services.
· Keep particulars of complete address of the premises where goods are stored including goods stored during transit along with particulars of the stock stored.
· Books of account shall be kept 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.
· Any entry in registers, accounts and documents shall not be erased, effaced or overwritten other than those of clerical nature.
· Incorrect entry shall be scored out under attestation and 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.
· Volume of books of account maintained manually by the registered person shall be serially numbered.
· 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.
· Registered person supplying services shall maintain the accounts showing quantitative details of goods used in the provision of services, details of input services utilized and the services supplied.
· Registered person executing works contract shall keep separate accounts for works contract showing -
a) the names and addresses of the persons on whose behalf the works contract is executed
b) description, value and quantity (wherever applicable) of goods or services received
c) description, value and quantity (wherever applicable) of goods or services utilized
d) details of payment received in respect of each works contract
e) the names and addresses of suppliers from whom he received goods or services
· Accounts and records to be retained 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
· Proper electronic back-up of records shall be maintained and preserved that, in the event of destruction of such records due to accidents or natural causes, the information can be restored within reasonable period of time
· Any person engaged in the business of transporting goods shall maintain records of goods transported, delivered and goods stored in transit by him along with GSTIN of the registered consignor and consignee for each of his branches.
· Every owner or operator of a warehouse or godown shall maintain books of accounts with respect to the period for which particular goods remain in the warehouse, including the particulars relating to dispatch, movement, receipt, and disposal of such goods
· Incase any taxable goods are found to be stored at any place(s) other than those declared without the cover of any valid documents, the proper officer shall determine the amount of tax payable on such goods as if such goods have been supplied by the registered person. This will also attract interest and penalty, as applicable.