{"id":40433,"date":"2023-01-06T11:03:43","date_gmt":"2023-01-06T05:33:43","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=40433"},"modified":"2024-05-31T14:42:13","modified_gmt":"2024-05-31T09:12:13","slug":"accounts-records-under-gst","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/accounts-records-under-gst\/","title":{"rendered":"Books of Accounts &#038; Records under GST"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-40437 size-full\" title=\"Accounts &amp; Records under GST\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/Books-of-Accounts-and-Records-under-GST.png\" alt=\"Accounts &amp; Records under GST\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/Books-of-Accounts-and-Records-under-GST.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/Books-of-Accounts-and-Records-under-GST-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/Books-of-Accounts-and-Records-under-GST-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/Books-of-Accounts-and-Records-under-GST-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/Books-of-Accounts-and-Records-under-GST-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/Books-of-Accounts-and-Records-under-GST-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Goods and Services Tax Act, 2017 mandate every registered person to maintain true and correct books and records. Failure to maintain them may result in the non-payer being punished with penalties and even confiscation of the goods. Let us discuss the books of accounts and records under GST.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Contents<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li><a href=\"#of\"><span style=\"font-weight: 400;\">Books of Accounts and Records<\/span><\/a><\/li>\n<li><a href=\"#to\"><span style=\"font-weight: 400;\">Who has to maintain accounts under GST?<\/span><\/a><\/li>\n<li><a href=\"#be\"><span style=\"font-weight: 400;\">What records must be kept under GST?<\/span><\/a><\/li>\n<li><a href=\"#are\"><span style=\"font-weight: 400;\">What are the accounts that need to be maintained under GST?<\/span><\/a><\/li>\n<li><a href=\"#gst\"><span style=\"font-weight: 400;\">Accounting entries under GST<\/span><\/a><\/li>\n<li><a href=\"#and\"><span style=\"font-weight: 400;\">Electronic cash and credit book<\/span><\/a><\/li>\n<li><a href=\"#for\"><span style=\"font-weight: 400;\">Period for retention of accounts under GST<\/span><\/a><\/li>\n<li><a href=\"#not\"><span style=\"font-weight: 400;\">Consequences of not keeping proper records<\/span><\/a><\/li>\n<li><a href=\"#in\"><span style=\"font-weight: 400;\">Failure to keep books in connection with confiscation provision<\/span><\/a><\/li>\n<li><a href=\"#final\"><span style=\"font-weight: 400;\">Final words<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Books of Accounts and Records<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Every registered person shall keep books of account at the principal place of business and books of account relating to the other place of business mentioned in his certificate of registration and such books of account include any electronic form of data stored on any electronic device.<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No entries in registers, accounts, and documents shall be erased, deleted, or overwritten and all incorrect entries, other than of an official nature, will be evaluated in the attestation and then the correct entry will be made registered, and where registers and other documents are kept electronically, a log of each edited entry or are discharged.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Each volume of books of accounts maintained manually by a registered person will be serially numbered.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unless proven otherwise, if these are documents, registers, or accounting books belonging to a registered person found on premises other than those shown in the certificate of registration shall be deemed to be conducted by the specified registered person.<\/span><\/li>\n<\/ul>\n<h2><b>Who has to maintain accounts under GST?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following persons are responsible for keeping the specified records:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Owner<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The operator of a warehouse or cellar or other place used for storing goods<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Every transporter<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Any registered person whose turnover during the financial year exceeds the prescribed limit (2 crores) will have their accounts verified by a<a href=\"https:\/\/www.cagmc.com\/\" target=\"_blank\" rel=\"noopener\"> Chartered Accountant<\/a> or Cost Accountant.<\/span><\/p>\n<h2><b>What type of records must be kept under GST?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Each registered person must keep records of:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Manufacture or production of goods<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inbound and outbound supplies of goods or services or both<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inventory of goods<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use of input tax discount<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Output tax due and paid a<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Other information that may be prescribed<\/span><\/li>\n<\/ul>\n<h2><b>What are the types of accounts that need to be maintained under GST?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In our article, we have listed the various accounts to be maintained and which businesses are required to maintain under GST.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">For example, under GST, a trader has to maintain the following a\/c (apart from accounts like purchase, sale, and inventory) \u2013<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Input CGST\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Output CGST\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Input SGST\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Output SGST\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IGST\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Electronic Cash Book (to be maintained on Government GST Portal for GST Payment)<\/span><\/li>\n<\/ul>\n<h2><b>Accounting entries under GST<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Despite initial transition issues, GST will bring clarity to many areas of business, including accounting and bookkeeping.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">While the number of accounts is more apparent under GST, once you go through the accounting records, you will find that record-keeping is much simpler. One of the biggest advantages for a merchant is that he can offset the input tax on the service with the output tax on the sale.<\/span><\/p>\n<h2><b>Electronic Cash and Credit Book<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Every registered taxpayer will have 3 books of account under GST which will be generated automatically on registration and will be maintained electronically.<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Electronic Cash Register<\/b><span style=\"font-weight: 400;\">&#8211; This ledger will serve as an electronic wallet. The taxpayer will have to deposit the money in his cash book (add money to the wallet). The money will be used to make the payment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Electronic Credit Book<\/b><span style=\"font-weight: 400;\">\u2013 Input tax rebates on purchases will be reflected here in three categories i.e. IGST, CGST, and SGST. The balance shown on this account can only be used by the taxpayer to pay the tax (not for interest, penalties, etc.)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>E-Liability Book<\/b><span style=\"font-weight: 400;\">&#8211; This book will show the total tax liability of the taxpayer after set-off for the month. This ledger will be filled in automatically.<\/span><\/li>\n<\/ul>\n<h2><b>Period for retention of accounts under GST<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Under the GST Act, every registered taxable person must maintain books and records for a minimum period of 72 months (6 years). The period is calculated from the last date of submission of the annual return for the given year. The last day for submitting the annual report is December 31 of the following year.<\/span><\/p>\n<h2><b>Consequences of not keeping proper records<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In the event of failure to maintain an accounting book under Section 35, clause 1, the relevant official shall determine the tax payable on unaccounted-for goods\/services under the provisions of Section 73 or Section 74.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Further, under section 122(1) (xvi) on penalty, non-maintenance of books of accounts shall be punishable with the higher of INR 10,000 or the amount of applicable tax.<\/span><\/p>\n<h2><b>Failure to keep books in connection with confiscation provisions<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The provision of Section 130 of the <\/span><a href=\"https:\/\/www.cbic.gov.in\/resources\/htdocs-cbec\/gst\/cgst-act.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Central Goods and Services Tax Act, 2017<\/span><\/a><span style=\"font-weight: 400;\"> authorizes the confiscation of goods and also the imposition of penalty. Following the provisions of Section130 (1) (ii) the taxpayer incurs the forfeiture of the goods and a penalty according to Section 122 if the person does not account for the goods on which he is obliged to pay tax.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In this regard, reference may be made to the judgment of Metenere Ltd. vs. Union of India. In doing so, the primary argument related to the non-maintenance of books\/records leading to the confiscation of goods.<\/span><\/p>\n<h2><b>Final words<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Accounting plays an important role for the registered person in clarifying issues raised by tax authorities at a later stage. Therefore adequate during billing, the registered person will take care, especially of litigation, high-value transactions, complex agreements, etc.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Goods and Services Tax Act, 2017 mandate every registered person to maintain true and correct books and records. Failure [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":40437,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[71],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Accounts &amp; Records under GST - Goyal Mangal &amp; Company<\/title>\n<meta name=\"description\" content=\"This article briefly explains the Accounts &amp; Records under GST, &amp; What are the accounts that need to be maintained under GST?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cagmc.com\/blog\/accounts-records-under-gst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Accounts &amp; Records under GST - Goyal Mangal &amp; Company\" \/>\n<meta property=\"og:description\" content=\"This article briefly explains the Accounts &amp; Records under GST, &amp; What are the accounts that need to be maintained under GST?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cagmc.com\/blog\/accounts-records-under-gst\/\" \/>\n<meta property=\"og:site_name\" content=\"Goyal Mangal &amp; 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