GST Records Maintenance

GST Records Maintenance

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GST Records Maintenance

A person having GST registration must maintain certain records in electronic or physical format. Under GST, all taxable persons are allowed to maintain records in electronic form authenticated by a digital signature. In this article, we look at GST records maintenance in detail, especially the procedure for maintaining records electronically.

Record to Be Maintained under GST

In addition to the book of accounts and other data collected and stored by a business in the normal course of business, the following records must be mandatorily maintained by a taxpayer.

Manufacturers

The following are details that must be maintained by manufacturers in addition to the information and records required for bookkeeping purposes:

  • The quantitative details of raw materials or services used
  • Quantitative details regarding goods manufactured during the specific period
  • Quantitative details related to the by-products and waste generated during the specific period of time.

Warehouse

The following are details that must be maintained by warehouses in addition to the information and records required for bookkeeping purposes:

Books of accounts in reference to a period for which particular goods are recorded. Any record that relates to dispatching movement, receipt, and disposal of such goods.

Transporters

Transporters must maintain records of goods transported, delivered and stored in transit including GSTIN of the registered consignee, wherever applicable. In addition to the above, transporters would also require e-way bill registration for carrying on the business of transporters.

Clearing and Forwarding Agent

In addition to the book of accounts, all clearing and forwarding agents are required to maintain details of delivery/dispatch of goods and record of goods handled.

Service Providers

All service providers are required to maintain details of goods used for providing services, input services used during the period and services provided during the tax period.

In case of workforce providers, the following details must also be maintained:

  • Names and addresses of persons contracted as workers, description, value, and quantity of goods and services received for execution of work
  • Name and address of the suppliers and details of payment received in respect of each contract.

Agencies

Agencies are required to maintain the following details under GST:

  • Particulars of authorization received by him from each principal
  • Particulars including description, value, and quantity of goods and services received and supplied on behalf of every principal.
  • Details of accounts furnished to every principal.
  • Tax paid on receipts or on the supply of goods or services effected on behalf of every principal.

 

Maintenance of Records

The above records can be maintained in electronic format or in physical format. Electronic record means data, information or inputs that are stored, received and operated in an electronic mode. These records would be treated just like physical records and the auditor seeks the accuracy and truth worthiness of the record. It is to be noted that proper electronic back-up of records must be maintained. Very importantly, the record must be secured in a non-editable format.

Place of Maintenance

The details above must be maintained at the registered office premises or at a branch, where the particular business is being pursued. In case of electronic records maintained on a server, the server must be located in India.

Duty of a Registered Person

All taxable persons are required to produce relevant documents or information on demand in hard copy or electronic form when requested by a tax officer. This data must be authenticated by an authorized person on demand.

 

 

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