ACCOUNTS TO BE MAINTAINED IN GST REGIME
The Goods and Services Tax
Act, 2017 came into force in India with effect from 1.7.2017.
ACCOUNTS TO BE MAINTAINED AT THE
PRINCIPAL PLACE OF BUSINESS
As per Section 35 (1) of the
Central Goods and Services Tax Act, 2017 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:--
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; and
f.
Such other particulars as may be prescribed.
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.
Any entry in registers,
accounts and documents shall not be erased, effaced or overwritten and all
incorrect entries, other 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. Further each volume of books of
account maintained manually by the registered person shall be serially
numbered.
ACCOUNTS TO BE MAINTAINED AT THE
ADDITIONAL PLACE OF BUSINESS
As
per Section 35 (2) of the Central Goods and Services Tax Act, 2017 every
owner or operator of warehouse or godown or any other place used for storage of
goods and every transporter, irrespective of whether he is a registered person
or not, shall maintain records of the consigner, consignee and other relevant
details of the goods in such manner as may be prescribed.
(3)
The Commissioner may notify a class of taxable persons to maintain additional accounts
or documents for such purpose as may be specified therein.
(4)
Where the Commissioner considers that any class of taxable person is not in a position
to keep and maintain accounts in accordance with the provisions of this
section, he may, for reasons to be recorded in writing, permit such class of
taxable persons to maintain accounts in such manner as may be prescribed.
ACCOUNTS TO BE MAINTAINED BY
MANUFACTURERS
Manufacturers
shall maintain monthly production accounts showing quantitative details of raw
materials or services used in manufacture and quantitative details of goods
manufactured with details of wastage and other by products.
ACCOUNTS TO BE MAINTAINED BY
WORKS CONTRACTORS
Works
contractors shall maintain name and address of persons by whom works contracts
were entrusted to them with transfer of property details and transfer of
services details with taxable and non-taxable and reverse charge mechanism
details and also the mode of purchase with bill number value, quantity etc.,
with payments received details from each person who has entrusted works
contract to the contractor.
ACCOUNTS TO BE MAINTAINED BY
SERVICE PROVIDERS
Service
Providers shall keep taxable services details showing the quantitative details
of goods used while providing services and details of input services utilised
and services supplied etc., with pure labour charges if any undertaken by them.
ACCOUNTS TO BE MAINTAINED BY TRANSPORTERS
ACCOUNTS TO BE MAINTAINED BY
THE PRINCIPAL AND AUCTIONER
The
principal and the auctioneer of tea, coffee, rubber etc are required to declare
the warehouses where such goods are stored as their additional place of
business. The buyer is also required to
disclose such warehouse as his additional place of business, if he wants to
store the goods purchased through auction in such warehouse
and
Both
the principal and the auctioneer are required to maintain the books of accounts
relating to each and every place of business in that place itself as per the first
proviso to sub-section (1) of section 35 of the CGST Act. However, in case difficulties
are faced in maintaining the books of accounts, it is clarified that they may
maintain the books of accounts relating to the additional place(s) of business at
their principal place of business instead of such additional place(s).
and
Such
principal or auctioneer shall intimate their jurisdictional proper officer in writing
about the maintenance of books of accounts relating to additional place(s) of
business at their principal place of business.
and
Further,
the principal or the auctioneer shall be eligible to avail input tax credit (ITC)
subject to the fulfilment of other provisions of the Act and the rules made thereunder.
It
has been further clarified that this Circular is applicable to the supply of
tea, coffee, rubber, etc. where the auctioneer claims ITC in respect of the
supply made to him by the principal before the auction of such goods and the
said goods are supplied only through auction.
For submission
of FORM GSTR-1 the following tax headings are necessary in the electronic form
of accounts maintenance.
Sales
Register / Supply Register taxable at 3%, 5%, 12%, 18% and 28% separately for
IGST, CGST and SGST / UTGST AND CESS made to Registered
persons
|
Rate
of tax-wise outward supplies to registered persons with GSTIN/UIN with point
of sale, details of commodity with HSN Codes with turnover and tax details.
|
Sales
Register / Supply Register taxable at 3%, 5%, 12%, 18% and 28% separately for
IGST, CGST and SGST / UTGST AND CESS made to Consumers
outside the State
|
Rate
of tax-wise outward supplies of Goods/Services with HSN Codes to a consumer
within the state and outside the state with Place of Supply (State Code) in
other than the State where supplier is located and Invoice value is less than
Rs.2.5 Lakhs with recipient’s State Code, with turnover and IGST details
|
Details
of Credit Notes and Debit Notes
|
Details
of Credit Notes and Debit Notes with GSTIN, Type of debit note or credit note
with number, original invoice number and date with differential value (Plus
or Minus) Differential tax details of IGST, CGST and SGST (Rate-wise),
eligibility for ITC, Total tax available on ITC and ITC available in the
return period month with IGST, CGST and SGST details and similar particulars
for Other than Reverse Charge and Reverse charge Mechanism
|
Purchases
effected from and services received from Composition taxable persons
Unregistered Persons and from others.
|
Supplies
received from composition taxable persons and unregistered persons and other
with exempt, NIL and Non-GST supplies with details of Interstate- Supplies,
Intrastate-supplies, with HSN Code/SAC Code, with details of Unregistered
Taxable person, Any exempt supply, Any NIL rated supply and Non-GST Supply
|
ISD
credit received details
|
ISD
Credit received details in respect of Non auto populated items with GSTIN
Number, Invoice/Document details with Number and Date, SAC code, ISD Credit
with IGST, CGST and SGST details
|
TDS
Credit received details
|
TDS
Credit received details with GSTIN of deductor, Invoice/Document details with
Number and Date, Date of payment made to the deductee, Value on which TDS has
been deducted, with TDD deducted details under IGST, CGST and SGST details
|
TCS
Credit received details
|
TCS Credit received details with GSTIN of e-commerce
portal, Merchant ID allocated by e-commerce portal, Gross value of supplies,
Taxable value on which TCS has been deducted with, with TCS deducted details
under IGST, CGST and SGST details.
|
ITC
Received Details
|
ITC Received on a Invoice on which partial credit
availed earlier with Original Invoice / due and ITC availed under IGST, CGST
and SGST with earlier month and return month period
|
Reverse
Charge details of Goods/Services received
|
Tax liability under Reverse Charge arising on account of
time of supply without receipt of invoice with GSTIN/Name of unregistered
supplier, State Code, Document Number with date, Goods/Services with HSN/SAC
of supply and Taxable value details with Tax details under IGST, CGST and
SGST
|
Reverse
Charge Mechanism details
|
Tax already paid under Reverse Charge in earlier tax
period on account of supply for which invoices issued in the return month
period details with Invoice Number and date, Transaction ID, Tax Paid on time
of supply under IGST, CGST and SGST with rate of tax-wise.
|
ITC
Reversal details
|
ITC reversal details with description and ITC reversal
under IGST, CGST and SGST.
|
Export
Details
|
Exports details with GSTIN of Recipient, Invoice
Details, Shipping Bill / Bill of Export details, Rate of Tax-wise turnover
details with turnover and tax under IGST, CGST and SGST/UTGST and Cess
|
Supplies
made to SEZ and SEZ Developers
|
Supplies made to Special Economic Zones or Special
Economic Zone Developers with GSTIN of Recipient, Invoice Details, Shipping
Bill / Bill of Export details, Rate of Tax-wise turnover details with
turnover and tax under IGST, CGST and SGST/UTGST and Cess
|
Deemed
Export Details
|
Deemed Exports details with GSTIN of Recipient, Invoice
Details, Shipping Bill / Bill of Export details, Rate of Tax-wise turnover
details with turnover and tax under IGST, CGST and SGST/UTGST and Cess
|
Refund
Claim details for ITC accumulated
|
Refund claim details in respect of ITC accumulated due
to inverted tax structure [clause (ii) of first proviso to Section 54(3)]
with details details of invoices of inward supplies received with tax paid
details on inward supplies and details of invoices of outward supplies issued
and taxes due thereon
|
Refund
claims on account of Deemed Exports
|
Refund
claim details on account of deemed exports with details of invoices of
outward supplies in case refund is claimed by supplier / Details of invoices
of inward supplies in case of refund is claimed by recipient with tax paid
details under IGST, CGST, and SGST/UTGST and Cess
|
Stock
Register
|
Accounts
of stock in respect of goods received and supplied by the taxpayer with
opening balance, receipt, supply, goods lost, goods stolen, goods destroyed,
written off or disposed off by way of gift or free sample and balance of
stock including raw material finished goods, scraps, wastage and condemned
and unusable goods details.
|
Amendment
details of all above items if there are variations.
|
Amendment details of all above items for previous month
and return period month is necessary with relevant headings
|
Electronic
Records maintenance
|
The following requirements have been prescribed for
maintenance of records in electronic form.
• Proper
electronic back-up of records
• Produce, on demand, the relevant records or
documents, duly authenticated, in hard copy or in any electronically readable
format
|
Preservation
or Keeping the accounts in safe custody.
|
Period for preservation of accounts: 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.
|
The Central Government Circular’s circular about the maintenance
of Accounts by the principal and the auctioneer of tea, coffee, rubber etc is
given below for ready reference.
Circular No.23/23/2017-GST
F. No. 349/58/2017-GST Government of India Ministry of Finance Department of Revenue
Central Board of Excise and Customs
GST Policy Wing
New Delhi, dated 21st December, 2017
To,
The Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Central Tax (All)
The Principal Director Generals / Director Generals (All) Madam/Sir,
Subject: Issues in respect of maintenance of books of accounts
relating
to additional place of business
by a principal or an
auctioneer for the purpose of
auction of tea, coffee, rubber etc.- regarding
Various communications have been received regarding the difficulties being faced by a principal and an auctioneer in relation to maintaining books of accounts at each and every additional place of business related to stock of goods like tea, coffee, rubber, etc. meant for supply through an auction. Therefore, in
exercise of the powers conferred under
section 168 (1) of the Central
Goods
and Services Tax Act, 2017, for the purpose
of uniformity in the implementation of the Act, it has been decided to clarify this matter.
2. As per the first proviso of section 35(1) of the Central Goods and Services Tax Act,
2017 (hereinafter referred to as
‘the CGST Act’) both the principal and the auctioneer are required to maintain the books of accounts relating to their additional place(s) of business
in such places. It has been represented that both the principal as well as the auctioneer may be allowed to maintain the books of accounts relating to the additional place(s) of business
at their principal place of business itself.
3. The issue has been examined. In exercise of the powers
conferred under section 168 (1) of the CGST Act, for the purpose of uniformity in the implementation of the Act, it is hereby clarified that -
(a) The principal and the auctioneer of tea, coffee, rubber etc. are required to
declare warehouses where such goods are stored as
their additional place of business. The buyer is also
required to
disclose
such
warehouse as
his
additional place
of
business
if he wants
to
store
the
goods purchased
through
auction in such
warehouses.
(b) Both
the
principal
and the auctioneer
are
required
to maintain
the books
of accounts relating to
each
and every place of business in that place itself as per the first proviso to sub-section (1) of section 35 of the CGST Act. However, in
case difficulties are faced in
maintaining the books of accounts, it is clarified that they may maintain the books of accounts relating to the additional place(s) of business at their principal place of business instead of such additional place(s).
(c) Such principal or auctioneer shall intimate their jurisdictional
proper officer in writing about the maintenance of books of accounts relating to additional place(s) of business at their principal place of business.
(d) Further, the principal or the auctioneer shall be eligible to avail input tax credit
(ITC) subject to
the
fulfilment of other provisions of
the
Act and the rules made thereunder.
4. It is further clarified that this Circular is applicable to the supply of tea, coffee, rubber, etc. where the auctioneer claims ITC in respect of the supply made to him by the principal before the auction of such goods and the said goods are supplied only through auction.
5. It is requested that suitable trade notices may be issued to publicize the contents of this Circular.
6. Difficulty, if
any, in
implementation
of the above
instructions
may please
be brought to the notice of the Board.
7. Hindi
version would follow.
(Upender Gupta) Commissioner (GST)