GST bill – accounts to be maintained
GST bill. In any financial terms and reports, Accounts are the primary source of data these are the records by which the organisation can be accessed. There is a particular format for the law in the country to maintain these records for a certain period of time. These accounts and records are mainly used for returns filed by tax payers under each law.
In the current indirect tax regime, every tax law mandates certain accounts and records of transactions to be maintained, apart from the regular books of accounts. Under Excise, the general records to be maintained are the Daily stock account of excise goods, Register of receipt or issue of raw material, invoice book and job work register. Under Service Tax, the suggested records include the bill register, receipt register, debit/credit notes register, etc. Under VAT, the records to be maintained include purchase records, sales records, stock records, VAT account containing details of input and output tax, works contract account, etc
These records are to be furnished by the taxable person under any circumstances and has to be retained up-till 5 years.
But now under GST regime, There will be records and financials that has to be furnished by every taxable person but the qualities of current structure and GST structure varies. There are variations as the indirect taxes will be merged and people will be accessible to all their terms and conditions.
The books and accounts that were maintained separately earlier, will also be merged. Under GST, every registered taxable person is required to maintain correct accounts of the following details at the principal place of business specified in the registration certificate: –
- Manufacture of goods
- Inward and outward supply of goods and/or services
- Stock of goods
- Input tax credit availed
- Output tax payable and paid
Accounts relating to each vertical and place of business must be kept at the respective places, if there is more than one place of business that is specified. Maintaining books and records in electronic form will be ideal and convenient for accurate and timely compliance under GST.
If a Person turnover exceeds Rs. 1 crore
Taxable person whose turnover during the financial year exceeds Rs. 1 crore is required to,
- Get the accounts audited by a Chartered Accountant or Cost Accountant and
- Submit a copy of the audited annual accounts and a Form GSTR- 9B while filing the annual return in Form GSTR-9. In the statement, the Chartered Accountant or Cost Accountant is required to certify that the value of supplies declared in the annual return reconciles with the audited annual financial statement.
If a person is an owner or operator of a warehouse or, irrespective of whether he is registered or not, is required to maintain records of the consignor, consignee and other details which are yet to be prescribed in the law.
As said in the earlier article, registered person is required to retain accounts and records for 5 years from the due date of filing of annual return for the year to which the accounts and records pertain.