The document summarizes the rules regarding maintenance of accounts and records as per the GST Act. Some key points:
- Registered persons must maintain accounts of imports, exports, reverse charge supplies and maintain separate accounts for each activity. They must also maintain stock accounts and accounts for advances, tax payments, input tax credit.
- Accounts must contain names and addresses of suppliers/recipients. Goods locations must be documented. Failure to do so can result in tax payability.
- Accounts must be kept at principal and additional places of business. Corrections require scoring out and re-writing. Books must be serially numbered.
- Agents and those involved in transport/storage of goods also have record keeping
Goods and services tax refunds and expemtionsABHISHEK JAIN
A complete guide from NAAPBOOKS for GST. GOODS AND SERVICES TAX REFUNDS AND EXEMPTIONS, ACCOUNTS AND RECORDS & PAYMENT MECHANISM.
For further guide, contact us at
www.naapbooks.com and follow us on https://twitter.com/naapbooks
OBJECTIVE
Job work sector constitutes a significant industry in Indian economy. The concept of job work already exists in Central Excise, wherein a principal manufacturer can send inputs or semi finished goods to a job worker for further processing. After the introduction of the Goods and Services Act (GST), it made special provisions in this regard, giving some leniency for the job workers in complying with the discrete provisions with a motive to make the principal responsible for the same. In this webinar we will be learning the provisions of the GST Act relating to goods sent on job work, rates applicable for services by way of job work and transitional provisions.
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.
Goods and services tax refunds and expemtionsABHISHEK JAIN
A complete guide from NAAPBOOKS for GST. GOODS AND SERVICES TAX REFUNDS AND EXEMPTIONS, ACCOUNTS AND RECORDS & PAYMENT MECHANISM.
For further guide, contact us at
www.naapbooks.com and follow us on https://twitter.com/naapbooks
OBJECTIVE
Job work sector constitutes a significant industry in Indian economy. The concept of job work already exists in Central Excise, wherein a principal manufacturer can send inputs or semi finished goods to a job worker for further processing. After the introduction of the Goods and Services Act (GST), it made special provisions in this regard, giving some leniency for the job workers in complying with the discrete provisions with a motive to make the principal responsible for the same. In this webinar we will be learning the provisions of the GST Act relating to goods sent on job work, rates applicable for services by way of job work and transitional provisions.
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.
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
"Filing of Returns"
Filing of Gst Returns helps in determination of Tax liability of the return filer and at the same time it also has a huge Bearing on Determination of tax liability of other persons with whom the former has entered into taxable Activities.
Chapter ix of the CGST Act [section 37 to 48] prescribes the provisions relating to filing of returns.
Follow steps shown in the ppt....
If you like our presented hit the like button and more latest update....
follow me also on:-
facebook= https://www.facebook.com/milankmr12
Instagram= https://www.instagram.com/milankmr12/?hl=en
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods.In this webinar, we shall know when an assessment can be made and when shall an appeal be made before a commissioner, High Court and Supreme Court.
“Most awaited GST Annual Return (Form GSTR 9) and Audit Reconciliation Statement (Form GSTR 9C) are notified by Government vide Notification 39/2018 CT dated 4th Sep 2018 and 49/2018 CT dated 13th Sep 2018. Due date for filing of the same for F.Y. 2017-18 is 31st Dec 2018. Enclosing herewith Master Guide on GST Annual Return and Audit, covering:
§ How to Go Head with Annual Return and GST Audit
§ Important Provisions
§ Analysis of GSTR 9 Form and How to fill the same
§ Analysis of GSTR 9C Form and How to fill the same
Professional should plan their work and ensure to file the said forms before due date, without waiting for extension.”
Thanks & Regards
CA Swapnil Munot
+91 90212 65137
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
Find out the detailed explanation of the provisions related to Filing of returns under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
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
"Filing of Returns"
Filing of Gst Returns helps in determination of Tax liability of the return filer and at the same time it also has a huge Bearing on Determination of tax liability of other persons with whom the former has entered into taxable Activities.
Chapter ix of the CGST Act [section 37 to 48] prescribes the provisions relating to filing of returns.
Follow steps shown in the ppt....
If you like our presented hit the like button and more latest update....
follow me also on:-
facebook= https://www.facebook.com/milankmr12
Instagram= https://www.instagram.com/milankmr12/?hl=en
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods.In this webinar, we shall know when an assessment can be made and when shall an appeal be made before a commissioner, High Court and Supreme Court.
“Most awaited GST Annual Return (Form GSTR 9) and Audit Reconciliation Statement (Form GSTR 9C) are notified by Government vide Notification 39/2018 CT dated 4th Sep 2018 and 49/2018 CT dated 13th Sep 2018. Due date for filing of the same for F.Y. 2017-18 is 31st Dec 2018. Enclosing herewith Master Guide on GST Annual Return and Audit, covering:
§ How to Go Head with Annual Return and GST Audit
§ Important Provisions
§ Analysis of GSTR 9 Form and How to fill the same
§ Analysis of GSTR 9C Form and How to fill the same
Professional should plan their work and ensure to file the said forms before due date, without waiting for extension.”
Thanks & Regards
CA Swapnil Munot
+91 90212 65137
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
Find out the detailed explanation of the provisions related to Filing of returns under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
E Way Bill Law and Procedure. Movement of Goods under GST shall be governed by E Way Bill System. This system is becoming mandatory from 1 Feb 2018 for Interstate movement while for intrastate movement will become mandatory from 1 Jun 2018 or earlier (subject to state notification)
Enforcement Of Intellectual Property Rights Through CustomsVijay Dalmia
Custom Act, 1962 & Intellectual Property Rights Enforcement Rules, 2007
Apart from the various remedies provided under the IP Laws in India, one of the most efficient ways to protect and enforce intellectual property rights is through Custom Act, 1962
It prohibits import of goods that infringe Intellectual Property at the Custom Borders thereby restricting the entry of the goods infringing Intellectual Property Rights
Under Section 156 (1) read with Section 11 (2) (n) and (u) of the Customs Act, 1962, the Central Government has made the Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 applicable to imported goods.
The Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 has been amended vide notification no. 56/2018. - Customs (N.T.) dated 22nd June 2018 and the said rules have been called the Intellectual Property Rights (Imported Goods) Enforcement Amendment Rules, 2018.
Intellectual Property Rights (Imported Goods) Enforcement Amendment Rules, 2018
Vide the said Amendment Rules, the Central Government has amended Rule 2 and Rule 5 of the Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007.
As per the Amendment, in Rule 2 in clause (b), the words and figures “patent as defined in the Patents Act, 1970” has been omitted and in clause (c), the words and figures “the Patents Act, 1970” shall be omitted.
In Rule 5, after condition (b), two more conditions have been inserted.
The Intellectual Property Rights (Imported Goods) Enforcement Amendment Rules, 2018 can be accessed from the following link: https://patentsrewind.files.wordpress.com/2018/07/custom-notification.pdf
After the amendment of 2018, the IPR Enforcement Rules 2007 permits a Right Holder to protect the following different types of Intellectual property-
Under the Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007, goods infringing intellectual property rights which are made, reproduced, put into circulation or otherwise used in breach of the intellectual property laws in India or outside India and without the consent of the right holder or a person duly authorized to do so by the right holder.
Notice to be Registered by the Custom Authorities on satisfaction
Within 30 working days from the date of receipt of the notice under Rule 3 (1) or from the extended period as per Rule 3 (4), the Commissioner shall notify the applicant whether notice is registered or rejected.
Minimum validity of registration of notice for a period of 1 year
Prohibition and suspension of import of infringing goods under Section 11 of the Customs Act, 1962.
At all the Ports (Custom Borders) in India
Notice can be given by the Right Holder of the suspected infringing goods
Commissioner of Customs can suo moto suspend the clearance of such infringing goods
Rule 7(4): Where the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, has suspended clearance of goods on his own initiative and right holder
Apartment Management: Maharashtra Society Registration Rules 1971ADDA
Maharashtra Society Registration Rules 1971
ApartmentADDA is India's #1 Apartment Management and Apartment Accounting Software. All the best practices of State Bye-Laws are inbuilt in the product.
Invoice or a bill is a list of goods or services provided along with the amount due for payment. If you have a GST Registered business, you need to provide GST-Complaint invoices to your customers for sale of goods and services.
This presentation explains the impact of both India Foreign Exchange Laws and the India Transfer Pricing Regulations on the import and export transactions done with an Indian Entity.
This presentation describes the Sustainability, the contemporary issues existing around it, and approaches to resolve those issues. This presentation also provides some of the relevant case studies in this regard. Overall, a good starting point for someone who wants to know more about sustainability.
More from Bhartiya Vitta Salahkar Samiti - BVSSOnline (20)
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
2. Rule 1(1) - Maintenance of accounts by
registered persons
(1) Every registered person shall keep and maintain, in addition to the
particulars mentioned in sub-section (1) of section 35, a true and
correct account of the goods or services imported or exported or of
supplies attracting payment of tax on reverse charge along with
relevant documents, including invoices, bills of supply, delivery
challans, credit notes, debit notes, receipt vouchers, payment
vouchers, refund vouchers and e-way bills.
3. Rule 1(2) – Separate records of each activity
(2)The account or records specified in sub-rule (1) shall be maintained
separately for each activity including manufacturing, trading and
provision of services, etc.
4. Rule 1(3) – Stock for each Commodity
(3) Every registered person, other than a person paying tax under
section 10, shall maintain accounts of stock in respect of each
commodity received and supplied by him, and such account shall
contain particulars of the opening balance, receipt, supply, goods lost,
stolen, destroyed, written off or disposed of by way of gift or free
samples and balance of stock including raw materials, finished goods,
scrap and wastage thereof.
5. Rule 1(4) – Records for Advance Receipt
(4) Every registered person shall keep and maintain a separate account
of advances received, paid and adjustments made thereto.
6. Rule 1(5) – Records of Tax and ITC
(5) Every registered person, other than a person paying tax under
section 10, shall keep and maintain an account, containing the details
of tax payable (including tax payable in accordance with the provisions
of sub-section (3) and sub-section (4) of section 9 of the Act), tax
collected and paid, input tax, input tax credit claimed, together with a
register of tax invoice, credit note, debit note, delivery challan issued or
received during any tax period.
7. Rule 1(6) – Complete Name & Address
(6) Every registered person shall keep the particulars of -
(a) names and complete addresses of suppliers from whom he has
received the goods or services;
(b) names and complete addresses of the persons to whom he has
supplied the goods or services;
(c) the complete addresses of the premises where the goods are stored
by him, including goods stored during transit along with the
particulars of the stock stored therein.
8. Rule 1(7) – Failure to keep name and address
Power of the proper officer
(7) If any taxable goods are found to be stored at any place(s) other
than those declared under sub-rule(6) 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.
Note:-
As per Section 67 of CGST/SGST Act, Inspection can be carried out by
an officer of CGST/SGST only upon a written authorization given by an
officer of the rank of Joint Commissioner or above.
9. Rule 1(8) – Where to keep books of accounts
(8) Every registered person shall keep the books of account at the
principal place of business and at every related place(s) of business
mentioned in his certificate of registration and such books of account
shall include any electronic form of data stored on any electronic
device.
10. Rule 1(9) – Correction / omission in records
not permissible
(9) Any entry in registers, accounts and documents shall not be erased,
effaced or overwritten, and all incorrect entries shall be scored out
under attestation and thereafter 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.
11. Rule 1(10) – Numbering of Books of account
(10) Each volume of books of account maintained by the registered
person shall be serially numbered.
12. Rule 1(11) - Records kept at unregistered
premises – Presumption
(11) 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.
13. Rule 1(12) – Responsibility of Agent
To keep records / details
(12) Every agent referred to in clause (5) of section 2 of the Act 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 received on behalf of every principal;
(c) particulars including description, value and quantity(wherever
applicable) of goods or services supplied on behalf of every principal;
(d) details of accounts furnished to every principal; and
(e) tax paid on receipts or on supply of goods or services effected on behalf
of every principal.
14. Rule 1(13) – Monthly Production Account
In case of manufacture of goods
(13) Every registered person manufacturing goods shall maintain
monthly production accounts, showing the quantitative details of raw
materials or services used in the manufacture and quantitative details
of the goods so manufactured including the waste and by products
thereof.
15. Rule 1(13) – Goods used by the supplier of
services
(14) Every registered person supplying services shall maintain the
accounts showing the quantitative details of goods used in the
provision of each service, details of input services utilised and the
services supplied.
16. Rule 1(15) – Works Contract
(15) Every registered person executing works contract shall keep separate
accounts for each works contract showing -
(a) the names and addresses of the persons on whose behalf the works
contract is executed;
(b) description, value and quantity(wherever applicable) of goods or services
received for the execution of works contract;
(c) description, value and quantity(wherever applicable) of goods or services
utilized in the execution of each works contract;
(d) the details of payment received in respect of each works contract; and
(e) the names and addresses of suppliers from whom he has received goods
or services.
17. Rule 1(16) - Electronic Records
(16) The records under these rules may be maintained in electronic
form and the record so maintained shall be authenticated by means of
a digital signature.
18. Rule 1(17) – Duration of Preserved records
and place where to be kept
(17) Accounts maintained by the registered person together with all
invoices, bills of supply, credit and debit notes, and delivery challans
relating to stocks, deliveries, inward supply and outward supply shall be
preserved for the period as provided in section 36 of the Act and shall
be kept at every related place of business mentioned in the certificate
of registration.
19. Rule 1(18) – Obligation of Carrier of goods
and C&F agent
(18) 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 the such registered person and shall produce the details
thereof as and when required by the proper officer.
20. Rule 1(19) - Production of records on Demand
(19) Every registered person shall, on demand, produce the books of
accounts which he is required to maintain under any law in force.
21. Rule 2(1) - Electronic records
2. Generation and maintenance of electronic records
(1) Proper electronic back-up of records shall be maintained and
preserved in such manner that, in the event of destruction of such
records due to accidents or natural causes, the information can be
restored within reasonable period of time.
22. Rule 2(2) – Production of Electronic Records
(2) The registered person maintaining electronic records shall produce,
on demand, the relevant records or documents, duly authenticated by
him, in hard copy or in any electronically readable format.
23. Rule 2(3) – Electronic records
Audit Trail and Inter-linkage
(3) The registered person shall also provide, on demand, an account of
the audit trail and inter-linkages including the source document,
whether paper or electronic, and the financial accounts, record layout,
data dictionary and explanation for codes used and total number of
records in each field along with sample copies of documents.
24. Rule 3(1) - Owner or operator of godown or
warehouse and transporters
3. Records to be maintained by owner or operator of godown or
warehouse and transporters
(1) Every person required to maintain records and accounts in
accordance with the provisions of sub-section (2) of section 35, if not
already registered under the Act, shall submit the details regarding his
business electronically on the Common Portal in FORM GST ENR-01,
either directly or through a Facilitation Centre notified by the
Commissioner and, upon validation of the details furnished, a unique
enrollment number shall be generated and communicated to the said
person.
25. Rule 3(2) – Deemed enrolment u/r 3(1)
(2) The person enrolled under sub-rule (1) as aforesaid in any other
State or Union territory shall be deemed to be enrolled in the State or
Union Territory.
26. Rule 3(3) – Amendment in Enrolment
(3) Every person who is enrolled under sub-rule (1) shall, where
required, amend the details furnished in FORM GST ENR-01
electronically on the Common Portal either directly or through a
Facilitation Centre notified by the Commissioner.
27. Rule 3(4) – Obligation of Transporter
(4) Subject to the provisions of rule 1, any person engaged in the
business of transporting goods shall maintain records of goods
transported, delivered and goods stored in transit by him and for each
of his branches.
28. Rule 3(5) – Obligation of Godown operator
(5) Subject to the provisions of rule 1, every owner or operator of a
warehouse or godown shall maintain books of accounts, with respect
to the period for which particular goods remain in the warehouse,
including the particulars relating to dispatch, movement, receipt, and
disposal of such goods.
29. Rule 3(6) – Manner of storage of goods in a
Godown
(6) The owner or the operator of the godown shall store the goods in
such manner that they can be identified item wise and owner wise and
shall facilitate any physical verification or inspection by the proper
officer on demand.