Accounts & Records to be kept under GST

1. Accounts & Records to be
kept under GST
Prepared By –
Indirect Tax Vertical
Asija & Associates LLP | Chartered Accountants
|Lucknow | Gurgaon| www.asija.in
M/s Asija & Associates LLP, Chartered

2. Table of Content
2 M/s Asija & Associates LLP, Chartered
 Tax invoices to be issued GST.
Contents of Tax Invoices.
 Credit Note.
 Debit Note.
 Accounts and records to be maintained.
 Period of retention of accounts and records maintained.

3. Tax Invoice
A Tax invoice must be issued by every registered taxable person supplying:-
(a) Taxable goods, before or at the time of :
~Removal of goods for supply to the recipient
~Delivery of goods
(b) Taxable services, before or after the:
~Provision of service but within a period prescribed in this behalf
The description of goods and/or services supplied;
Quantity of goods;
Value of goods and /or services;
Tax charged thereon;
Such other particulars as may be prescribed.
M/s Asija & Associates LLP, Chartered3
The Central/State government may specify:-
 The categories of goods in respect of which tax invoice shall be issued
 The categories of services in respect of which any other document issued in relation to the supply
shall be deemed to be a tax invoice,

4. Where supply has been made for a consideration which is liable to tax, tax on such supply
shall be indicated in all the documents relating to tax invoice, assessment & other
documents.
A revised invoice may be issued within 1 month from the date of issuance of certificate of
registration against the invoice already issued during the period starting from effective date
of registration till the date of issue of registration certificate.
Tax Invoice
A person supplying exempted goods and/or services or a composition taxpayer (u/s 9),
instead of a tax invoice, a bill of supply must be issued.
Exception to issue bill of supply is given, if the value of goods/services supplied is less than
100 rupees.
A person who is not a registered taxable person shall not collect in respect of any supply of goods
and/or services any amount by way of tax under the CGST/SGST Act.
4 M/s Asija & Associates LLP, Chartered

5. On receipt of advance payment with respect of supply of any goods or services, a
registered taxable person shall issue a receipt voucher or any other document,
evidencing receipt of such payment.
A registered taxable person liable to pay tax on reverse charge basis shall issue an
invoice in respect of goods or services received by him on the date of receipt of goods or
services from a person who is not registered under the Act.
In case of continuous supply of goods involving successive statements of accounts or
successive payments , the invoice shall be issued before or at the time each such
statement is issued or each such payment is received.
Tax Invoice
The expression “tax invoice” shall be deemed to include a document issued by an Input
Service Distributor, and shall also include any revised invoice issued by the supplier in
respect of a supply made earlier.
5 M/s Asija & Associates LLP, Chartered

6. In case of continuous supply of services:-
Where due date of
payment is
ascertainable from the
contract, invoice
issued before or after
the payment is liable
to be made
Where the payment is
linked to the completion
of an event, the invoice
shall be issued before or
after the time of
completion of that
event.
Where the due date of
payment is not
ascertainable, the
invoice shall be issued
before or after the
supplier of service
receives the payment.
In a case where the supply of
services ceases under a
contract before the completion
of the supply, the invoice shall
be issued at the time when
the supply ceases.
Where the goods sent or taken
on approval are removed before
it is known whether a supply
will take place, the invoice shall
be issued before or at the time of
knowing the supply has taken
place or six months from the
date of removal, whichever is
earlier.
Tax Invoice
6 M/s Asija & Associates LLP, Chartered

7. Contents of Tax Invoice
Name, address and GSTIN of the supplier;
Date of issue of invoice;
Name, address and GSTIN/ Unique ID Number, if registered, of the recipient;
Description of goods or services;
Rate of tax (CGST, SGST or IGST);
Total value of goods or services;
M/s Asija & Associates LLP, Chartered7

8. Contents of Tax Invoice
*The invoice in case of taxable supply of services, shall be issued within 30 days of such supply.
*Where the supplier is a Banking Co. or a financial institution the period shall be 45 days from the
date of supply.
Taxable value of goods or services taking into account discount or abatement, if any
Amount of tax charged in respect of taxable goods or services (CGST, SGST or IGST);
Place of supply along with the name of State, in case of a inter-state supply;
Place of delivery where the same is different from the place of supply;
Signature or digital signature of the supplier or his authorized representative.
Whether the tax is payable on reverse charge;
M/s Asija & Associates LLP, Chartered8

9. Credit Note
A credit note shall be issued when :
A registered dealer issues a tax invoice for supply of goods & services; &
The tax charged and/or taxable value is more than tax payable and/or taxable
value in respect of such supply.
Any registered taxable person who issues a Credit Note shall declare the details of
such credit note in the return for the month during which such credit note has been
issued but not later than:
September following the end of the F.Y. in which supply was made, OR
The date of filing of relevant annual return.
Whichever is earlier .
9 M/s Asija & Associates LLP, Chartered
*No reduction in output tax liability of the supplier shall be permitted if the incidence
of tax & interest on supply has been passed on by him to any other person.

10. Debit Note
A debit note shall be issued when :
A registered dealer issued a tax invoice for supply of goods & services &
The tax charged and/or taxable value is less than the tax payable and/or taxable
value in respect of such supply.
Any registered taxable person who issues a debit Note shall declare the details of such
debit note in the return for the month during which such debit note has been issued.
*Debit Note shall include a supplementary invoice.
M/s Asija & Associates LLP, Chartered10

11. Accounts & other records
Every registered taxable person shall keep and maintain, at his principal place of
business, a true and correct account of :
production or manufacture of goods;
inward or outward supply of goods and/or services;
stock of goods;
input tax credit availed;
Output tax payable and paid;
Such other particulars as may be prescribed.
The given list is not exhaustive, the Commissioner/Chief Commissioner may add some
more records to be maintained.
M/s Asija & Associates LLP, Chartered11

12. The accounts & records must be audited by a Chartered Accountant or Cost
Accountant and the Audited Report of annual accounts, the Reconciliation statement
and such other documents must be submitted, if the turnover exceeds the prescribed
limit.(Limit not mentioned)
Where there are more than one place of business, accounts relating to each place of
business shall be kept at such places of business concerned.
All accounts and records may be kept and maintained in electronic form in the manner
as may be prescribed.
M/s Asija & Associates LLP, Chartered12
Accounts & other records

13. Where the registered taxable person fails to account for the goods and/or services , the
proper officer shall determine the reason and the provisions of section 66 or 67
(Determination of tax not paid or short paid or erroneously refunded or input tax
credit wrongly availed or utilized for fraud or any reason other than fraud or any
wilful misstatement or suppression of facts, as the case may be), shall apply, mutatis
mutandis, for determination of such tax.
Every owner or operator of warehouse or godown or any other place used for storage of
goods irrespective of whether he is a registered taxable person or not shall maintain
records of consigner, consignee and other relevant details of the goods.
13 M/s Asija & Associates LLP, Chartered
Accounts & other records

14. Period of retention of accounts
• until the expiry of 60 months (5 years) from the
due date of filing annual return.
The accounts & records as
maintained by a registered
taxable person shall be kept:
• the period specified above, OR
• for a period of 1 year after final disposal of such
appeal/revision or proceeding or investigation;
• whichever is later .
In case of any
appeal/revision/or any other
proceeding made before
Appellate/Revision
Authority/Tribunal or Court
or is under investigation,
then book of accounts and
other records pertaining to
such appeal/revision or
proceeding must be kept:
M/s Asija & Associates LLP, Chartered14

15. Disclaimer
• This presentation has been prepared by our firm to provide a gist of the
applicable law pertaining to Model GST Law notified by the Government
of India for upcoming GST Act 2016, pending for ratification in
Parliament for applicability on or after 01/07/2017.
• For detailed insight and for better understanding of the various
provision of the said law, the said presentation should be read along with
related provision of Model GST Law 2016 as amended in November,
2016.
• Neither our firm nor any partner or employee or article of our firm
shall responsible for any decision taken on the basis of the said
presentation and without obtaining any professional guidance or
consultation on the matter for which reliance was made on this
presentation.
M/s Asija & Associates LLP, Chartered15

16. Thank You
CA Amber Agrawal
Associate Director
(amber.agrawal@asija.in)
For any queries kindly contact our GST Team :
Asija & Associates LLP
Chartered Accountants
H.O. : 34/5 , Gokhale Marg,
Lucknow
Ph. No. : 0522-4004652,2205072
CA Pradumn Pandey
Executive Partner
(pradumn.pandey@asija.in)
CA Rahul Mishra
Partner in Charge
(rahul.mishra@asija.in)
M/s Asija & Associates LLP, Chartered16