Multiple records keeping under GST

Different types of Accounts and Records under GST

 

This post explains about Multiple records keeping under GST. 

Multiple records keeping

Under the Goods and Services Tax law, the taxpayer is required to maintain certain documents, accounts, and records in respect manufacturing, trading or provision of services. In this article, we will discuss all the aspects related to maintenance of Accounts and Record under GST.

Types of Accounts and Records Required GST

The registered taxpayer should keep and maintain following types of accounts and other records:

Sale (Outward Supply):

All particulars of outward supply of goods and services during the tax period including the name and complete address of buyer

Purchase (Inward Supply):

All details of Inward Supply of Goods and Services made including the name and complete address of supplier.

Production:

All the details of Goods Manufactured or Produced by the Taxpayer. Stock of Goods Received and Supplied.                Opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and closing balance of stock including raw materials, finished goods, scrap and wastage thereof.

Input Tax Credit:        

Information of input tax credit availed on inward supplies of goods and services

Output Tax

Information of output tax payable on outward supply of goods and services

Tax Paid

Details of tax payable, tax paid by utilization of input credit and tax paid in cash during the period.

Import All information related to Goods or Services Imported during the tax period

Export All the details of Goods or Services Exported during tax period

Reverse Charge (Outward Supplies)

Details of outward supplies of goods or services on which tax is payable under reverse charge.

Reverse Charge (Inward Supplies) 

Information of inward supplies attracting tax under reverse

Advances Received

Details of Advances received by the taxpayer and adjustments made thereto.

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