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Generally, accounts and records are prepared using general accepted accounting principles in India. These principles include Ind-AS, Accounting Standards, Companies Act, Other Industry specific laws, etc. These laws also prescribed the manner of maintenance of records, their time period to retain records, location of such records and preparation of summary reports of such records.

Likewise in various other laws, GST law also provides for responsibility on registered person to prepare some records as per GST law in addition to other records as mentioned above. In this article, we will discuss the rules for accounts and other records specifically to be prepared and maintained under GST by Regular Dealers (i.e. Other than Composition Dealers).

Important Points:

  1. Accounts as required under GST should be maintained at registered office address given in GST Registration Certificate.

  2. In case, 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.

  3. Unless proved otherwise, if any documents, registers, or any books of account belonging to a registered person are found at any premises other than those mentioned in the certificate of registration, they shall be presumed to be maintained by the said registered person.

  4. Accounts may be kept and maintained in electronic form. However, the record so maintained shall be authenticated by means of a digital signature.

  5. Any entry in registers, accounts and documents shall not be erased, effaced or overwritten, and all incorrect entries, otherwise than those of clerical nature, shall be scored out under attestation and thereafter the correct entry shall be recorded and where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained.

  6. Each volume of books of account maintained manually by the registered person shall be serially numbered.

  7. Where accounts and documents are maintained manually, be kept at every related place of business mentioned in the certificate of registration. Where such accounts and documents are maintained digitally shall be accessible at every related place of business.


Prescribed list of Accounts and Records under GST

Every registered person shall keep and maintain a true and correct account of:-

  • production or manufacture of goods
  • inward and outward supply of goods or services or both
  • stock of goods (As per manner mentioned below)
  • input tax credit availed
  • output tax payable and paid
  • Goods or services imported
  • Goods or services exported
  • Tax payable on supplies attracting payment of tax under Reverse Charge
  • All Vouchers, including:
    • Invoices and Bills of Supplies
    • Delivery Challans
    • Credit Notes
    • Debit Notes
    • Receipt Vouchers
    • Payment Vouchers
    • Refund Vouchers
  • Separate Account of Advance Received, paid and adjustment thereto
  • All Registers, including Register of:
    • Invoices and Bills of Supplies
    • Delivery Challans issued
    • Delivery Challans received
    • Credit Notes
    • Debit Notes
    • Receipt Vouchers
    • Payment Vouchers
    • Refund Vouchers
  • Name and Complete address details of Suppliers from whom goods/services received which are chargeable to tax under GST
  • names and complete addresses of the persons to whom he has supplied goods or services, where required under GST
  • The complete address of the premises where goods are stored by him, including goods stored during transit along with the particulars of the stock stored therein
    • If any taxable goods are found to be stored at any place(s) other than mentioned above (without the cover of any valid documents), the proper officer shall determine the amount of tax payable on such goods as if such goods have been supplied by the registered person

Manner to maintain record of Stock of Goods

Stock of goods to be maintained into different categories separately, viz:

  • Finished Goods
  • Work in Progress
  • Raw Material
  • Scrap and Wastage
  • Any other…

Statement of Stock of Goods must have following variables:-

Statement of Stock must have following columns. More columns may be added as per requirement of business.

Opening Balance

Receipt Supply Goods Lost Goods Stolen Goods Destroyed Goods Written off Goods Disposed of as Gift/Sample Closing balance of Goods
(1) (2) (3) (4) (5) (6) (7) (8)



Monthly Production Account for Manufacturer

Every registered person manufacturing goods shall maintain monthly production accounts. These accounts shall reflect:-

  • Quantitative details of raw materials used in the manufacture
  • Details of Services used in the manufacture
  • Quantitative details of the goods so manufactured
  • Quantitative details the waste and by products thereof

Stock Details to be prepared by Supplier of Services:-

Every registered person supplying services shall maintain the accounts showing:-

  • Quantitative details of goods used in the provision of services,
  • Details of input services utilised and
  • the services supplied.

Additional Details to be maintained by Supplier of Work Contract Services:-

Every registered person executing works 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 the execution of works contract;
  • description, value and quantity (wherever applicable) of goods or services 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.

Additional Details to be maintained by Agent

  1. particulars of authorisation received by him from each principal to receive or supply goods or services on behalf of such principal separately;
  2. particulars including description, value and quantity (wherever applicable) of goods or services received on behalf of every principal;
  3. particulars including description, value and quantity (wherever applicable) of goods or services supplied on behalf of every principal;
  4. details of accounts furnished to every principal; and
  5. tax paid on receipts or on supply of goods or services effected on behalf of every principal.

Special Provision for Custom Clearing and Forwarding Agents

Any person having custody over the goods in the capacity of a carrier or a clearing and forwarding agent (for delivery or dispatch thereof to a recipient) on behalf of any registered person shall maintain true and correct records in respect of such goods handled by him on behalf of such registered person and shall produce the details thereof as and when required by the proper officer.

Special Provision for Owner or operator of Warehouse or Godown or Transporter

In GST, special provision has been provided to maintain records for following particulars by every person (whether or not, he is registered under GST laws) ‘who is either an owner or act as operator’ of a Warehouse or Godown or any other place used for storage of goods or every transporter:-

In case of Transporter:- He shall maintain record of :

  • Goods Transported
  • Goods Delivered
  • Goods Stored in Transit
  • Name and Address of Consignor
  • GSTIN of Registered Consignor
  • Name and Address of Consignee
  • GSTIN of Registered Consignee

In case of Owner/Operator of Warehouse/Godown:-

  • Period for which particular goods remain in warehouse
  • Particulars relating to:-
    • Dispatch of Goods
    • Movement of Goods
    • Receipt of Goods
    • Disposal of Goods

Period of Retention of Accounts

Every registered person shall retain accounts and records until the expiry of seventy-two months (Six Years) from the due date of furnishing of annual return for the year pertaining to such accounts and records.

Due date of furnishing Annual return is 31st day of December of following year after end of concerned financial year.

Practically, it means that, such records to be maintained until the expiry of Eighty One Months from the end of financial year.

Provided that a registered person, who is a party to an appeal or revision or any other proceedings before any Appellate Authority or Revisional Authority or Appellate Tribunal or court, whether filed by him or by the Commissioner, or is under investigation for an offence under Chapter XIX, shall retain the books of account and other records pertaining to the subject matter of such appeal or revision or proceedings or investigation for a period of one year after final disposal of such appeal or revision or proceedings or investigation, or for the period specified above, whichever is later.

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