Accounts & other records to be maintained under GST:
Every registered person shall maintain accounts & statements of production/manufacturing, supply & receipt of goods/services, taxes received and taxes paid etc. Such accounts & statements should be in the format specified by the government. Such accounts & statements should be kept at Principle business place. Accounts & statements may be maintained in electronic form or in soft copy.
For the person running business from more than one place, the accounts & statements of each such business place shall be kept at such respective business places.
Government may ask specified business person/entity to maintain additional documents or statements. Government may exclude specified business person/entity from maintaining some of the accounts or statements or all of the accounts or statements in specified format.
Accounts/statements of business person/entity shall be audited by Chartered Accountants/Cost Accountants on crossing the specified limit of turnover.
Every business person/entity shall maintain such accounts & statements for 60 months after filing of Annual return of such period. Business person/entity shall maintain such accounts or statements for the period of 1 year after disposal of appeal or revision or any other proceeding if such person has been a party to such appeal or revision or proceedings.
Tax Invoice To Be Maintained Under GST:
Every business person/entity should issue an invoice for supply or goods or services. Such invoice should contain details like
- Name and address of business person/entity,
- Name and address of received of goods or services,
- The description, quantity and value of goods or service supplied,
- The tax charged,
- Registration details of business person/entity,
- Registration details of the receiver of goods or services &
- Other details as may be specifically asked by Government.
Every business person/entity shall mention tax in all invoices, accounts & statements separately if supply of goods or services are chargeable to tax under GST.
Credit and debit notes To Be Maintained Under GST:
Business person/entity may issue credit note or debit note for any correction of mistake/omission made in the invoice issued by him earlier. Such credit note or debit note shall be issue within 30th September following the end of the financial year or before filing of Annual Return.
Credit note shall not be issued by the business person/entity if the incidence of tax and interest on such supply has been passed to any other person.
Every business person/entity who issues or receives a credit or debit note shall mention the details of such credit or debit note in the return of respective month or in the return for any subsequent month but not later than September following the end of financial year or before filing of annual return.
It can be understood from the above that accounts or statements to be maintained under GST should be more or less the same as maintained currently by business person/entity under current regime of tax.
We have tried to explain you on how and what accounts or statements needs to be maintained under GST. However, there may be some doubts or problems, and then you may drop your queries at CONTACT FORM.