Accounts To Be Maintained Under Goods and Services Tax Law

In this article, we will discuss the general Accounts and record to be maintained by a registered person under GST.

Books of account to be maintained by every GST registered person:

1. Register of Goods Produced or Manufactured
2. Purchase (inward supply) and sale (outward supply) of goods or services or both
3. Stock of goods (composite dealers are not required)
4. Input Tax credit availed (composite scheme don’t allow input tax credit. So a composite dealer is not supposed to maintain record of input tax credit)
5. Tax payable(include reverse charge tax) and paid
6. Goods and services imported or exported
7. Inward Supplies on which Reverse Charge Mechanism applies
8. Advance received or paid or adjustment made in such advance
9. Tax invoice register including debit note, credit note, and delivery challan

Details that need to be stored in the above accounts:

1. Suppliers name and addresses
2. Name and addresses of the recipient of supply (wherever required under the law)
3. Addresses of premises where goods are stored (including goods in transit)
4. For Manufacturer: 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.
5. Every service provider shall maintain quantitative details of goods used in providing services and also the details of input services used while providing such services.

Where to keep the books of accounts?

Every registered person shall keep books of accounts of all premises mentioned in the certificate of registration at the principal place of business.

Books Retention Period

Such books of accounts shall be stored for a period of 72 months from the end of the due date of filing the annual return.

Also Read:

• Reverse Charge Mechanism under GST
• Journal Entry under GST
• Input Tax Credit Under GST