According to section 35 of the GST Act, a registered taxable person needs to maintain the following accounts:
- Stock of goods
- Goods production or manufacturing
- Sale/Purchase of Goods/Services
- Input tax credit claimed
- Output tax paid and payable
Additional Accounts that shall be maintained by a taxpayer
There are some additional books that shall be maintained by a taxpayer other than mandatory books such as:
- Supplier’s names and address.
- Goods/services receiver.
- Complete address where the goods are stored or warehouse address.
- Exported /imported goods or/and services.
- Reverse charge supplies.
- Tax payable on reverse charge mechanism.
- Received, paid and adjusted advances.
- Tax payable collected and paid.
- A credit note or debit note.
- The delivery challan issued or received during any tax period.
Accounts to be maintained by Works Contract Service provider
As per the Sub-rule 15 of Rule 1 of Accounts and Records Rules, 2017 a taxpayer who provides works contract service shall maintain the following accounts:
- The names and addresses of the person on whose behalf the works contract is executed.
- The names and addresses of suppliers of goods or service.
- Description, amount, and quantity of goods or/and services acquired for the execution of works contract.
- Goods or/and services description, amount, and quantity used in the execution of each works contract.
- Payments received for each works contract.
Accounts to be maintained by Every Agent
Under GST every agent is required to maintain the following accounts:
- Details of every principal separately regarding the goods/services supplied or received on his behalf.
- Description, amount and quantity of goods or/and services either supplier or received.
- Account details are given to every principle.
- Tax paid on goods/services supplied or received on behalf of each principle.
Accounts to be maintained by Warehouses or Godowns owner and transporter
Every warehouse or godowns owner including transporter (whether registered or not) shall maintain the following accounts
- Details of consignor and consignee.
- Details regarding the goods such as description, quantity and amount that need to be transported.
- Information relating to the delivered goods.
- The details regarding the goods stored in transit either by him or branches.
For warehouse or godown owner
- All the accounts of the goods till the period it remained with him.
- Dispatch, movement, receipt and disposal details of good.