GST Documentation Common Errors

Accounts and Records – Statutory Provisions

• Section 35 – Accounts and other records
• Section 36 – Period of retention of accounts and records
• Rules 56 – Maintenance of accounts by registered persons
• Rule 57 – Generation and maintenance of electronic records
• Rule 58 – Records to be maintained by owner or operator of godown or warehouse and transporters

Who all are required to keep and maintain

• Every Registered Person
• Whether registered or not

-Every owner or Operator of

-Warehouse or

-Godown or

-Any other storage place of goods

-Every transporter

• Carrier of goods or C&F Agent holding custody of goods for delivery

Where to Keep and maintain

• At his principal place of business, as per the registration certificate
• In case of more than one place of business in the registration certificate –

-the accounts relating to each place to be kept at each of such places

• RP is permitted to keep and maintain mandated accounts and particulars in electronic form in those places in electronic devices

• At his principal place of business, as per the registration certificate
• In case of more than one place of business in the registration certificate –
• the accounts relating to each place to be kept at each of such places
• RP is permitted to keep and maintain mandated accounts and particulars in electronic form in those places in electronic devices

Related Topic:
Last opportunity to rectify the GST errors of FY 2017-18

What is the period of retention

• Registered Person – Minimum of 72 Months (6 Years) from the due date for Annual Returns
• In case of Appeal/revision/proceedings/investigation for offense – the account and records relating to that – up to 1 year after final disposal even after 6 years.

What are the accounts to be kept and maintained

• production or manufacture of goods;
• inward and outward supply of goods or services or both;
• the stock of goods;
• input tax credit availed;
• output tax payable and paid; and
• goods/services imported –
• Goods/services exported
• Supplies attracting payment under RCM of tax on reverse charge
• stock in respect of goods received and supplied by him
• Containing details of
• Opening balance,
• Receipt, supply,
• Goods

-lost,

-stolen,

-destroyed,

-written off or

-disposed of by way of gift or free sample

• Balance of stock
• stock in respect of goods received and supplied by him
• Segregating into

-raw materials,

-finished goods,

-scrap and wastage thereof.

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