With the advent of GST, this will not only lead to major changes in the indirect tax regime, but also have a huge impact on the Entity’s business operations. Following are the records that the registered entities shall require to maintain under GST:
|Account/Records||Information Required||By Whom?|
|Register of Goods Produced||Account should contain detail of goods manufactured in a factory or production house||Every assessee carrying out manufacturing activity|
|Purchase Register||All the purchases made within a tax period for manufacturing of goods or provision of services||All Assessees|
|Sales Register||Account of all the sales made within a tax period must be maintained||All Assessees|
|Stock Register||This register should contain a correct stock of inventory available at any given point of time||All Assessees|
|Input Tax Credit Availed||This register should maintain the details of Input Tax Credit availed for a given tax period||All Assessees|
|Output Tax Liability||This register should maintain the details of GST liability outstanding to be adjusted against input credit or paid out directly||All Assessees|
|Output Tax Paid||This register should maintain the details of GST paid for a particular tax period||All Assessees|
|Other Records Specified||Government can further specify by way of a notification, additional records and accounts to be maintained||Specific Businesses as notified by the government|
We shall be providing following management consultancy services, which will help the clients to streamline their business, thus leading to higher efficiency and better compliance with new GST rules and guidelines.
Receipt of all the copy of invoices and other documents from clients
Review of the documents and other relevant details in lieu of The GST Act
Preparation of the records and computation of monthly/ quarterly GST liability
Providing the challans and the other records to the client for their review.
– The procedure and compliance requirement are same for processes likes registration, return filing and payment of tax. Further, the IGST act borrows the provisions from the CGST Act as relating to assessment, audit, valuation, time of supply, invoice, accounts, records, adjudication, appeal etc.
– All the persons registered under the provisions of the GST shall be required to maintain such records.
– Such records can be maintained both physically as well as in soft. It is at the sole discretion of the assessee. However, it is always favourable to maintain the records in soft as it is easy to maintain.
– Statutory compliance;
– Data filled in such records will be used for filing of returns;
– Acts as backup of the transactions undertaken;
– Such details will be called for by the AO at the time of Audit or Assessment.
– An imprisonment extending to 6 months can be conferred on the assessee in case of maintenance of false records and in case of tampered records./p>