All You Need To Know About GST – Accounts and Records

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Every registered person shall keep and maintain, at his principal place of business, a true and correct account of:

    • production or manufacture of goods;
    • inward and outward supply of goods or services or both;
    • stock of goods;
    • input tax credit availed;
    • output tax payable and paid including tax payable under reverse charge;
    • goods or services imported or exported;
    • supplies attracting payment of tax on reverse charge; and
    • advances received, paid and adjustments made thereto

along with the relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers and refund vouchers.

  • Where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business.

It is to be noted that the nature of records to be maintained by the supplier has been specified in all the cases but the manner to maintain such records has been left to the discretion of the supplier i.e. he can manually maintain them or can even go for electronical maintenance of records.


Accounts and Record to be maintained by Work Contractor

Every registered person executing work contract shall keep separate accounts for works contract showing:

    • the names and addresses of the persons on whose behalf the works contract is executed,
    • description, value and quantity (wherever applicable) of goods or services received for or utilized in the execution of works contract;
    • the details of payment received in respect of each works contract; and
    • the names and addresses of suppliers from whom he received goods or services.


Questions on Accounts and Records:

1. Tanmay, a registered dealer didn’t accounted for some of the goods which were distributed as free samples by him, the proper officer will consider this as?

  1. Error of omission
  2. Supply of such goods by Tanmay
  3. Shortage of goods
  4. Either of the above at his discretion

2.Which of the following documents are to be submitted after getting them audited?

  1. Audited annual accounts
  2. Reconciliation statement u/s 2(44)
  3. Stock register
  4. Both (a) and (b)

3. A composition dealer doesn’t maintain his stock register in the view that he is not liable to maintain it. Does he justifies his point of view?

  1. Yes
  2. No

4. The responsibility for the maintenance of proper accounts of job work-related inputs and capital goods rests with the

  1. Principal
  2. Job Worker
  3. Both Job Worker and Principal
  4. Either (A) or (B)

5. Mr A. is registered in Delhi and is having in total 4 places of business within Delhi out of which one is the head office. Where should he maintain the records?

  1. At the head office
  2. At each such place of business
  3. At the location where Mr A. A sits
  4. Any of the above places

Answer: 1-B, 2-D, 3-A, 4-A, 5-B




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Details of Different GST Return and Who Should File it ?

Reverse Charge Provision Under GST and RCM on Goods

Composite v/s Mixed Supply