Standardised PPT on GST Indirect Taxes Committee The Institute of Chartered Accountants of India

Disclaimer and Copy right This presentation has been prepared to provide a standard ‘user presentation’. The views expressed in this presentation are those of Speaker(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the speaker(s). The information cited in this presentation has been drawn from various sources. While every efforts have been made to keep the information cited in this presentation error free, the Institute or any office do not take the responsibility for any typographical or clerical error which may have crept in while compiling the information provided in this presentation. Further, the information provided in this presentation are subject to the provisions contained under different acts and members are advised to refer to those relevant provision also. For clarifications write to us at idtc@icai.in © The Institute of Chartered Accountants of India This standardised PPT may be used by any person with due acknowledgement to the Indirect Taxes Committee of ICAI. © Indirect Taxes Committee, ICAI

Accounts and Records © Indirect Taxes Committee, ICAI

Accounts and Records Requirement for maintenance of records under Section 35 and Rule 56: Every registered person will be required to maintain the following records at his principal place of business and at each additional place of business, regarding: Production/Manufacture of goods (production accounts showing raw materials or services used in the manufacture and the waste and by products of manufactured goods) Inward and outward supply of goods of services or both (including concerned tax documentation such as invoices, DC, bill of supply etc.) Stock of goods (Balance of stock including raw materials, FG, scrap and goods lost, stolen, destroyed and written off or disposed off as gift or free sample © Indirect Taxes Committee, ICAI

Accounts and Records Requirement for maintenance of records under Section 35 and Rule 56: Input Tax Credit availed and Output tax payable and paid. (along with register of tax invoice, credit notes, debit notes, delivery challan issued or received.) Separate account of advances received, paid and adjustments made thereto. Names and addresses of the suppliers from whom supplies have been received and recipients to whom supplies have been made. The complete address of all the premises where goods are stored by a registered person © Indirect Taxes Committee, ICAI

Accounts and Records Rules regarding maintenance of records Records may also be maintained in electronic form authenticated by digital signature. Proper backup of the electronic record must be maintained and the same are to be produced on demand. Entries in records to not be erased, effaced or overwritten, and all incorrect entries shall be scored out and attested. In case of electronic records, a log of edited and deleted entries to be maintained. Each volume of books of account maintained manually to be serially numbered. Annual audit by a Chartered Accountant or a Cost Accountant if turnover exceeds 1 crore during the financial year. © Indirect Taxes Committee, ICAI

Accounts and Records Owner or Operator of Warehouse / Godown and Transporter Every owner or operator of warehouse / godown, whether registered or not to maintain following records: Consigner/consignee details Period for which goods are stored in warehouse Particulars of dispatch, movement, receipt and disposal of goods Stored Stock should be identifiable item-wise and owner-wise Owner or operator of warehouse and transporter, if not registered to submit the details regarding his business in Form GST ENR-01. Every transporter to maintain record of goods transported, delivered and stored in transit along with details and GSTIN of the registered consignor and consignee for each of his branches; © Indirect Taxes Committee, ICAI

Accounts and Records Requirement for maintenance of records by works contract supplier: Every works contract supplier will be required to maintain separate records of: Names and addresses of suppliers from whom inputs and input services have been received and recipients receiving works contract supplies. Particulars including description, value and quantity (as applicable) of input goods or services received and utilized in works contract supplies. The details of payment received in respect of each works contract. © Indirect Taxes Committee, ICAI

Accounts and Records Requirement for maintenance of records by Agent: Particulars of authorisation received from each principal Particulars including description, value and quantity (as applicable) of goods or services received or supplied on behalf of every principal; Details of accounts furnished to every principal Tax paid on receipts or on supply of goods or services effected on behalf of every principal. A carrier or a clearing and forwarding agent for delivery or dispatch of goods on behalf of a principal, to maintain records in respect of goods handled by him © Indirect Taxes Committee, ICAI

Accounts and Records Period of retention Every registered person required to maintain records for 72 months from the due date of furnishing of annual return for the year pertaining to such accounts and records. In case of proceedings or investigation, the registered person to retain records for a period of one year after final disposal of such proceedings or investigation or 72 months from the due date for filing annual return pertaining to such records, whichever is later. In case such records are maintained manually, to be kept at every related place of business of the registered person for the above period. In case such records are maintained digitally, they are to be accessible at every related place of business for the above period. © Indirect Taxes Committee, ICAI

Accounts and Records Penal provisions Section 35 (6) - If a registered person fails to account for goods and services as specified under Section 35, the said unaccounted goods or services will be treated as supplied by the said registered person and tax will be recoverable along with interest. Rule 56 (6) - The complete addresses of all the premises where goods are stored by a registered person are to be disclosed. If any taxable goods are found to be stored at any place(s) other than the premises disclosed in the records by the registered person, without the cover of any valid documents, tax shall be payable (along with interest) on such goods as if such goods have been supplied by the registered person. © Indirect Taxes Committee, ICAI

Thank You For any Clarification, Please Contact Indirect Taxes Committee of ICAI Email: idtc@icai.in, Website: www.idtc.icai.org