This document summarizes the key accounting and record keeping requirements for businesses under the Goods and Services Tax (GST) law in India. It notes that businesses must maintain records of production or manufacturing, inward and outward supplies, stock levels, input tax credits claimed, and output tax payable. Records can be kept electronically or manually and must be retained for 6 years. Businesses with over 2 crore annual turnover must undergo statutory audit. Penalties may be imposed for failing to maintain proper records or providing false information.
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Transition to GST could be a cumbersome process if preparations are not started immediately. VAT/Service tax taxpayers should complete the GST migration. Know more about GST Transitional Provision at https://cleartax.in/s/transition-to-gst/
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Transition to GST could be a cumbersome process if preparations are not started immediately. VAT/Service tax taxpayers should complete the GST migration. Know more about GST Transitional Provision at https://cleartax.in/s/transition-to-gst/
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
Adjudication and Appeals provisions under GST. Includes provisions as per Chapter XVIII of CGST Act, 2017 together with Chapter XIII of CGST Rules, 2017.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
Goods and Service Tax (GST)- Patparganj Study Circle of CA Institute- 01.05.17Sandeep Garg
Patparganj Study Circle_01.05.2017: Goods and Service Tax (GST) is going to bring a leap change in Indirect Tax Regime of India w.e.f. July 01, 2017 (expected). Understanding of law relating to Accounts and Records maintenance; raising / issuance of Invoice and other documents alongwith issuance of E-way bills for movement of goods, is very essential to make GST successful in the Organisation.
Adjudication and Appeals provisions under GST. Includes provisions as per Chapter XVIII of CGST Act, 2017 together with Chapter XIII of CGST Rules, 2017.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
Goods and Service Tax (GST)- Patparganj Study Circle of CA Institute- 01.05.17Sandeep Garg
Patparganj Study Circle_01.05.2017: Goods and Service Tax (GST) is going to bring a leap change in Indirect Tax Regime of India w.e.f. July 01, 2017 (expected). Understanding of law relating to Accounts and Records maintenance; raising / issuance of Invoice and other documents alongwith issuance of E-way bills for movement of goods, is very essential to make GST successful in the Organisation.
Maintenance of Accounts and Records, GST compliances and process of GST return filings. Type of Return under GST. Return under CGST, SGST, IGST. GSTR1, GSTR2, GSTR3,
The govt. is trying to move towards ONE NATION ONE TAX- GOODS & SERVICE TAX. Through this presentation we have tried our best to give a clear insight about the biggest tax reform.
The goods and services tax regime in india an accounting perspective protectedVartika Sahu
Abstract: This paper presents an accounting perspectives under a country-wide ambitious indirect tax
regime, the GST. The GOI has introduced a single tax regime for both goods and services for the
entire country (except J&K) with the roll out the GST w.e.f. July 1, 2017. The GST is a comprehensive
consumption based tax on supply of goods or of services or both and subsumed the majority of indirect
taxes into a single tax basket. In view of the majority of indirect taxes being merged into one tax,
impact is expected to be almost every business operation in India. The main goal of the GST regime is
‘one tax one market’, which aims at providing a cohesive tax approach across country. Previously, we
would have maintained individual accounts for each. But from an accounting perspective under the
GST regime, entities will have to make certain changes to their accounting system and processes
including charts of accounts (COA).
Keywords: Goods and Services Tax, Accounting Treatment: Financial records and Journal
entries.
JEL Classification: M4
Goods and Service Tax (GST) India - East End Study Circle of CA Institute 29....Sandeep Garg
East End Study Circle_29.04.2017: Goods and Service Tax (GST) is going to bring a leap change in Indirect Tax Regime of India w.e.f. July 01, 2017 (expected). Understanding of law relating to Accounts and Records maintenance; raising / issuance of Invoice and other documents; submission of returns alongwith issuance of E-way bills for movement of goods, is very essential to make GST successful in the Organisation.
Goods and Services Tax (GST) has revolutionized the taxation system in India by replacing multiple indirect taxes with a unified tax structure. Under the GST regime, businesses are required to file various returns to comply with tax regulations. One such crucial return is GSTR-1, which plays a pivotal role in the GST compliance framework.
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Gst records to be Maintained and Audited - GST Check ListCMA Md Rehan
GST Records to be maintained and Audited. This video is helpful for records maintenance in GST and commencing GST Audit.
Watch video on: https://www.youtube.com/watch?v=yjAzlZtCsQc&list=UU9cnLd7HjEA4oDyuz4MYzpA&index=1
This is an important topic for professionals as well as businesses which are registered in GST
Following are the topics which are discussed in the video
1. Inward Supply Records
2. Outward Supply Records
3. Goods sent on job work records
4. Stock Register Records
5. Related Party Transaction Records
6. And Records of returns filed
For detail guience with our experts request you to visit our website : onlinecompliances.com . where our experts are ready to provide you instant solution for your financial issues.
GST -Northern India Regional Council (NIRC)- IHC-21.05.17Sandeep Garg
Goods and Service Tax (GST) is going to bring a leap change in Indirect Tax Regime of India w.e.f. July 01, 2017 (expected). Understanding of law relating to Accounts and Records maintenance; raising / issuance of Invoice and other documents; submission of returns alongwith issuance of E-way bills for movement of goods, is very essential to make GST successful in the Organisation.
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
GST Filing is the process by which buyers and suppliers file their GST returns to the IT Department of the Indian government. A GST return is essentially a document that contains details regarding the taxpayer's income that helps IT officials calculate their liability for a particular period.
Registered GST dealers have to file GST returns for purchases, sales, Output GST, and Input Tax Credit. To complete the GST filing, dealers require compliant sales and purchase invoices. Read on to find out more about GST Filing, why it’s important and how to get it done.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
1. ACCOUNTS & RECORDS
UNDER GST
Compiled by -
Mohd Faraz | Executive | Indirect Tax Vertical
Asija & Associates LLP | Chartered Accountants
gst@asija.in
Chapter VIII of CGST Act
Read with Accounts & Records Rules prescribed
2. 1. What are the Records prescribed to be maintained for GST ?
2. Can the Accounts & Records be maintained electronically ?
3. Where Books of Accounts /Records have to be kept?
4. What is the period of which Records have to be retained ?
5. What is the requirement of Statutory Audit under GST law ?
6. What are the Specific Records prescribed for prescribed Businesses ?
7. Penal provision for non-maintenance of records.
8. Miscellaneous provisions.
gst@asija.inGST Wing | Asija & Associates LLP
TABLE OF CONTENT
3. Records to
be
Maintained
Production
of Goods
Inward &
Outward
Supplies
Stock of
Goods
Input
Tax
Credit
availed
Output
Tax
Payable &
paid
Specified
Registers
&
Document
s
1. RECORDS UNDER GST
gst@asija.inGST Wing | Asija & Associates LLP
4. WHAT ARE THE RECORDS PRESCRIBED UNDER GST LAW?
Every registered person shall keep and maintain true & correct Accounts of:-
1. Production or Manufacture of goods :-
Monthly Production Accounts showing quantitative details of:-
Raw Materials or Service used in Manufacture
Goods Manufactured
Including Waste & By – Products.
2. Inward and Outward Supplies of Goods or Services or Both, including the following
Goods or services Imported or Exported or
Supplies attracting Payment of Tax on Reverse Charge
1. RECORDS UNDER GST
gst@asija.inGST Wing | Asija & Associates LLP
5. 3. Stock of Goods received & supplied, containing particulars of:-
Opening balance,
Receipt,
Supply,
Goods lost, stolen, destroyed, written off, disposed as free samples / gift
Closing balance of stock.
Note:
Separate records should be maintained for raw material, finished goods, scrap &
wastage thereof.
Stock should contain information HSN wise for the ease of preparation of GST
returns.
1. RECORDS UNDER GST
gst@asija.inGST Wing | Asija & Associates LLP
6. 4. Input tax credit availed
5. Output tax payable and paid
6. Register of : -
Tax invoice
Delivery challans & E way bills
Credit & debit notes
7. Other documents such as: -
Tax invoices (inward & outward)
Bills of supply
Delivery challans & E way bills
Credit & debit notes,
Receipt, payment & refund vouchers
1. RECORDS UNDER GST
gst@asija.inGST Wing | Asija & Associates LLP
7. Can the accounts & records be maintained electronically?
Registered person has an option to keep its accounts, records & documents either in :-
Electronic form or
Manual form
2. ELECTRONIC RECORD KEEPING
gst@asija.inGST Wing | Asija & Associates LLP
8. What are the special provisions for electronic record keeping ?
It should be Authenticated by Digital Signature.
Proper Backup should be there of records, so that in the event of destruction of the
records, it can be restored easily.
On demand by appropriate authority, registered person shall provide
o The data file and password of such data files for access.
o Duly authenticated hard copy of any data stored in e-form.
A log of every entry edited or deleted shall be required to be maintained.
2. ELECTRONIC RECORD KEEPING
gst@asija.inGST Wing | Asija & Associates LLP
9. In case of maintenance of Books of Accounts manually, each volume of Books shall
be serially numbered.
Any entry in the manual accounts
2. MANUALLY RECORD KEEPING
Thereafter
correct entry
shall be
recorded
All incorrect
Entries shall
be Scored
Out under
attestation
Shall not be
Erased,
Effaced or
Overwritten
What are the Special provisions for Manual Record keeping? ?
gst@asija.inGST Wing | Asija & Associates LLP
10. It shall be kept and maintained at the Principal place of Business as mentioned in
the certificate of registration
Where more than 1 place of business is specified in certificate of registration,
accounts relating to each place of business:-
Shall be kept at each such place, if maintained manually, else.
It shall be accessible at every related place of business where such Accounts and Documents
are maintained digitally.
If any Document / Register or Books of Accounts is found at any place, other than
the place mentioned in the certificate of registration, that Books of Account shall
be deemed to be maintained by the said Registered Person.
3. PLACE OF RECORD KEEPING
Where Books of Accounts /Records have to be Kept & Maintained?
gst@asija.inGST Wing | Asija & Associates LLP
11. It shall be required to be retained for minimum period of
6 years (72 months) from the due date of furnishing of Annual Return for the year
pertaining to such Accounts & Records
If there is any case pending in any appeal or court then he shall retain his records for
o 1 year after the date of final disposal of such appeal or revision or
o The period specified above whichever is later.
4. PERIOD OF RECORD KEEPING
What is the minimum period of retaining Accounts and Records ?
gst@asija.inGST Wing | Asija & Associates LLP
12. Every registered Person having Turnover exceeding ₹ 2 Crores in
a Financial Year shall-
Get his Accounts Audited by a Chartered Accountant /Cost
Accountant and
Submit a copy of Audited Annual Accounts and Reconciliation
Statements in Form GSTR 9C electronically.
5. STATUTORY AUDIT UNDER GST
What is the requirement of Statutory Audit under GST Law ?
gst@asija.inGST Wing | Asija & Associates LLP
13. What are the specific records prescribed for Supply of Service ?
The Accounts showing quantitative details of goods used in the
provision of Services.
Details of Input Services utilised.
The Services supplied.
6. RECORDS (SUPPLY OF SERVICE)
gst@asija.inGST Wing | Asija & Associates LLP
14. 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
o Received for the execution of works contract
o Utilized in the execution of works contract
The details of payment received in respect of each works contract
The names and addresses of suppliers from whom he received goods or services.
What are the specific Records prescribed for Registered Person executing Works
Contract ?
6. RECORDS (WORKS CONTRACT)
gst@asija.inGST Wing | Asija & Associates LLP
15. Every agent referred to, shall maintain accounts depicting the:
a) Particulars of authorization received by him from each principal to receive or supply
goods or services on behalf of such principal separately
b) Particulars including description, value and quantity (wherever applicable) of
goods or services
i. Received on behalf of every principal
ii.Supplied on behalf of every principal
c) Details of accounts furnished to every principal
d) Tax paid on receipts or on supply of goods or services effected on behalf of every
principal.
What are the specific Records prescribed for Agent referred to Section 2(5) of
CGST Act ?
6. RECORDS (AGENT)
gst@asija.inGST Wing | Asija & Associates LLP
16. Any person engaged in the business of transporting goods shall maintain
Records of goods
What are the specific Records prescribed for Transporters ?
Transported Delivered
Goods stored
in Transit by
him
6. RECORDS (TRANSPORTER)
Along with GSTIN of the registered Consignor and Consignee for each of his branches.
gst@asija.inGST Wing | Asija & Associates LLP
17. Every owner or operator of a Warehouse or Godown shall
Maintain books of accounts with respect to
o The period for which particular goods remain in the warehouse
o Including particulars relating to dispatch, movement, receipt, and disposal of
such goods.
The owner or the operator of the Godown shall store the goods in such manner
o That they can be identified item wise and
o Owner wise and
o Shall facilitate any physical verification or inspection by the proper officer
What are the specific Records prescribed for Warehouse or Godown Owner or
Transporter ?
6. RECORDS (WAREHOUSE)
gst@asija.inGST Wing | Asija & Associates LLP
18. 7. PENALTIES (SECTION-122 CGST ACT)
Where a taxable person:
Falsies or substitutes any financial records
Produces fake accounts or furnishes any false information
Fails to keep books of accounts in accordance with the stated provisions-
He shall be liable to pay a penalty of ₹10,000/-
Any person who:
Fails to account for an invoice in his books of accounts-
Shall be liable to a penalty which may extend to ₹25,000/-
gst@asija.inGST Wing | Asija & Associates LLP
19. 1. Every Registered Person shall keep the particulars of
a) Name & complete Address of
i. Suppliers from whom he has received the Taxable goods or service
ii. Suppliers to whom he has supplied the Taxable goods or service
b) Completed Address of the premises: -
i. Where Goods are stored by him
ii. Including Goods stored during transit
iii. Along with the Particulars of stock stored therein.
2. Every Registered Person shall keep and maintain a separate Account of Advances
Received, Paid and Adjustments made.
8. MISCELLANEOUS PROVISIONS
gst@asija.inGST Wing | Asija & Associates LLP
20. THANK YOU
FOR ANY QUERIES KINDLY CONTACT OUR GST TEAM :
CA Rahul Mishra
Partner
(rahul.mishra@asija.i
n)
CA Amber Agrawal
Associate Director
(amber.agrawal@asija
.in)
CA Prakhar Gupta
Associate Director
(prakhar.gupta@asija.
in)
ASIJA & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
H.O. : 34/5 , GOKHALE MARG, LUCKNOW
PH. NO. : 0522-4004652,2205072
gst@asija.in
21. DISCLAIMER
This presentation has been prepared to provide a gist of the applicable law pertaining to GST as
issued till date. (09/07/2017)
For detailed insight and for better understanding of the various provision of the law, the said
presentation should be read along with related provision of CGST Act, IGST Act, SGST Act & related
rules.
We shall not be responsible for any decision taken on the basis of the said presentation, without
obtaining our professional guidance or consultation on the matter for which reliance was made on
this presentation.”
gst@asija.inGST Wing | Asija & Associates LLP
