GST Accounts and Records Flashcards

Flashcards on Accounts, Records, and E-Way Bill under GST

Registered Person

Every registered person shall keep and maintain all records at his principal place of business as per GST rules.

Warehouse/Godown Owner

The owner or operator of a warehouse or godown must maintain specified records, even if not registered under GST.

Transporter

Every transporter must maintain specified records, even if not registered under GST.

Commissioner's Power

The Commissioner can notify a class of taxable persons to maintain additional accounts or documents for specified purposes.

Electronic vs. Manual Records

Accounts and records can be maintained either electronically or manually; there is no mandatory format.

Agent

Includes a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent.

Commissioner

Means the Commissioner of central tax and includes the Principal Commissioner of central tax appointed under section 3.

Common portal

Means the common goods and services tax electronic portal referred to in section 146.

Manufacture

Means processing of raw material or inputs in any manner that results in emergence of a new product having a distinct name, character and use.

Taxable supply

Means a supply of goods or services or both which is leviable to tax under this Act.

Principal place of business

Means the place of business specified as the principal place of business in the certificate of registration .

Voucher

Means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both

Works Contract

Means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property

Accounts to be Maintained

Every registered person shall keep and maintain a true and correct account of production or manufacture of goods; inward and outward supply of goods or services or both; stock of goods; input tax credit availed; output tax payable and paid; and such other particulars as may be prescribed

Additional Records for Agents

Every agent shall maintain accounts depicting the particulars of authorisation received by him from each principal to receive or supply goods/services on behalf of such principal separately

E-way Bill

A compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal.

TRANSIN

Transporter id is a unique number generated by e-way bill system for unregistered transporter, once he enrolls on the system. It is similar to GSTIN format and is based on State code, PAN and check sum digit.

Consignment value of goods

Consignment value of goods shall be the value determined in accordance with the provisions of section 15, declared in an invoice, a bill of supply or a delivery challan.

Part A of E-way bill

Consists of details of GSTIN of supplier & recipient, place of delivery (indicating PIN Code also), document (Tax invoice, Bill of Supply, Delivery Challan or Bill of Entry) number and date, value of goods, HSN code, and reasons for transportation, etc.

Part B of E-way bill

Consists of transport details [Transporter document number (Goods Receipt Number or Railway Receipt Number or Airway Bill Number or Bill of Lading Number) and Vehicle number, in case of transport by road].

Validity period of e-way bill

For a distance of less than 200 km the e-way bill will be valid for a day from the relevant date. For every 200 km thereafter, the validity will be additional one day from the relevant date.