Nov 272017

The Introduction of GST has reduced the compliance burden of the assessees who had registered with Excise/VAT/Service tax and the record maintenance requirement for these statutes were different. After introduction of GST, the requirement of maintenance of Accounts and records have been notified by the Act making it simpler for the tax payers to comply with the same. In this article we have tried to summarise the various requirements under GST with regard to Accounts and Records.

Who are required to maintain Accounts and records in GST?

As per Section 35 of the CGST Act, every registered person shall keep and maintain Accounts and records.

Where should the Accounts and records be maintained?

A true and correct account shall be maintained at the principal place of business, as mentioned in the certificate of registration.

What if there are more than one place in the Registration Certificate ?

In case, more than one place of business is mentioned in the Certificate of Registration, the accounts of each of the place of businesses shall be maintained at such places of business.

In what form the accounts be maintained?

The tax payer can maintain accounts and records either in Manual form or electronic form. However each volume of books of account maintained manually by the registered person shall be serially numbered

What are the accounts and records to be maintained ?

Every registered person shall maintain the following accounts and records :-

(a) accounts of stock in respect of goods received and supplied; 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

(b) a separate account of advances received, paid and adjustments made thereto

(c) an account containing the details of tax payable, 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

(d) names and complete addresses of suppliers from whom goods or services chargeable to tax under the Act, have been received

(e) names and complete addresses of the persons to whom supplies have been made

(f) the complete addresses of the premises where the goods are stored including goods stored during transit along with the particulars of the stock stored therein

(g) 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

(h) accounts showing the quantitative details of goods used in the provision of services, details of input services utilised and the services supplied

(i) separate accounts for works contract showing –

• 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 received for the execution of works contract

• description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract

• the details of payment received in respect of each works contract and

• the names and addresses of suppliers from whom he has received goods or services


Any entry in registers, accounts and documents shall not be erased, effaced or overwritten and all incorrect entries, other than those of clerical nature, shall be scored out under attestation and thereafter the correct entry shall be recorded


where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained.


All accounts maintained 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 seventy two months (six years) from the due date of furnishing of annual return for the year pertaining to such accounts and records and shall be kept at every related place of business mentioned in the certificate of registration.


The following requirements have been prescribed for maintenance of records in electronic form.

• Proper electronic back-up of records

• Produce, on demand, the relevant records or documents, duly authenticated, in hard copy or in any electronically readable format

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Nov 252017

The rates of GST for goods are undergoing changes frequently by way of various notifications.

Hence there is a need for an updated list of GST Rate on goods as amended.

The below table summarises the updated GST rates for Goods as on 15th Nov 2017.

Source :-

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Aug 112017

The payment of GST has been enabled by the GST portal (

How to make payment of GST is explained below

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Aug 052017

Under the newly introduced GST regime, the GST Assessee having turnover less than Rs. 75 Lakhs can opt for paying GST under Composition Scheme. There are confusions about whether to go for composition scheme or Regular ITC method in GST. The tool below will help you in taking a decision as to whether to opt for Composition scheme or regular scheme. All you need is only the GST rate of your product and the Profit margin on your products. This tool will give you the result – Whether to select Regular Scheme or Composition scheme.

Click here to download the excel tool.

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Jul 282017

The Central Government has notified Central GST (Fourth amendment) Rules 2017.

As per the above amendment, the following are the latest amendments in GST

  • Earlier, the last date for migration of the persons registered under existing law (VAT/Service Tax/Excise) was 30 days from the roll out of GST. This date has been extended upto 30th September 2017 as per this notification.
  • It further amends the rate of exchange (in case of foreign exchange) of curreny other than Indian Rupees, for determination of value

The relevant notification is produced below :

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Movement of goods under GST

 GST  Comments Off on Movement of goods under GST
Jun 082017

Under the present VAT Regime, different states follow different rules and forms for movement of goods within the respective states and also for Inter state movement of goods. The compliance requirements under the present VAT regime has many restrictions and different procedural formalities to be completed for movement of goods.

The movement of goods under the GST regime is expected to be less cumbersome and assessee friendly. The  CBEC has released electronic way bill rules prescribing rules and regulations for movement of goods.

The various aspects of e-way bill under GST regime are discussed below.

What is an e-way bill?

E-way bill is an electronic document created for movement of goods

When is a e-way bill mandatory?

When there is a movement of goods of value more than Rs. 50000 by a registered person , e way bill is mandatory. The movement of goods may be for supply of goods, return of goods or for supply from a unregistered person

How to generate a e way bill?

The registered supplier or the recipient In case of supply from unregistered person, can generate e way bill electronically through GSTN portal in Form INS-01.

What is the validity of the e way bill?

The eway bill , once generated will be valid for 1,3,5,10 or 15 days from the date of generation of the same , depending on the distance the goods have to be transported.

Can a e way bill once generated be cancelled?

When an e way bill is generated , but the goods are either not being transported or  the details as furnished in the generated bill are different, the e way bill can be generated within a period of 24 hours of generation of the e way bill.

What is the validity of the e way bill?

The validity of the e way bill is based on the distance

Distance                                                              Validity period (days)

Less than 100 kms                                            1

100 km or more less than 300 kms            3

300 km or more less than 500 kms            5

500 km or more less than 1000 kms          10

1000 kms or more                                            15

The commissioner may extend the validity period of the e way bill for certain categories of goods as may be specified.

Time limit for acceptance of e way bill

Once the details of the e way bill generated shall be made available to the recipient, if registered , on the common portal, who shall communicate his acceptance or rejection of the consignment covered by the e way bill, within 72 hours of the details being made available to him on the common portal.

What happens if the recipient doesnt confirm the acceptance within 72 hours?

If the same is not accepted or rejected by the recipient within 72 hours, it is deemed to be accepted the details as uploaded through e-way bill.

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Jun 022017

As you are aware, GST is going to be introduced very shortly and it is imperative to know various aspects of the new enactment. One among the important aspects is Invoicing. Invoice is going to play a vital role in GST Input tax credit (ITC) Mechanism. Hence it is very important to know about the various aspects of Invoicing under GST.

What are the types of Invoices that can be issued by a registered person?

Two types of Invoices can be issued by a registered person. They are :-

1) Tax Invoice for goods/services supplied

2) Bill of supply

When should the Tax Invoice be issued ?

A registered person shall issue a Tax Invoice to persons who intend to claim Input Tax Credit of the GST being included in the invoice.

What should be the contents of the Tax Invoice?

A Tax Invoice being issued by a registered person shall contain the following particulars :-

(i) name, address and GSTIN of the supplier;

(ii) a consecutive serial number, in one or multiple series, containing alphabets or numerals        or special characters hyphen or dash and slash symbolised as “-” and “/” respectively, and     any combination thereof, unique for a financial year;

(iii) date of its issue;

(iv) name, address and GSTIN or UIN, if registered , of the recipient;

(v) HSN Code of goods or Accounting Code of services;

(vi) Description of goods or services

(vii) quantity in case of goods and unit or Unique Quantity Code there of

(viii) total value of supply of goods or services or both;

(ix) taxable value of supply of goods or services or both taking into account discount or                 abatement , if any;

(x) rate of tax (SGST,CGST,IGST,UTGST , as applicable)

(xi) place of supply along with the name of State, in case of a supply in the course of inter-          state trade or commerce.

(xii) address of delivery where the same is different from the place of supply;

(xiii) whether tax is payable on reverse charge basis; and

(xiv) signature or digital signature of the supplier or his authorised representative.

In case of exports of goods or services, the invoice shall carry an endorsement “SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT UNDER BOND OR LETTER OF UNTERTAKING WITHOUT PAYMENT OF IGST”, as the case may be

What are the situations under which a registered person may not issue a tax invoice?

A Registered person may not issue a tax invoice subject to the following conditions, namely :-

(a) the recipient is not a registered person ; and

(b) the recipient does not require such invoice.

and shall issue a consolidated tax invoice for such supplies at the close of each day in respect of all such supplies.

What is the manner in which the Tax invoice should be issued ?

The tax invoice shall be prepared in Triplicate , in case of supply of goods , in the following manner :-

(a) the original copy being marked as ORIGINAL FOR RECIPIENT;

(b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; AND

(c) the triplicate copy being marked as TRIPLICATE FOR SUPPLIER.

In case of supply of services, the tax invoice shall be in the following manner :-

(a) the original copy being marked as ORIGINAL FOR RECIPIENT; AND

(b) THE duplicate copy being marked as DUPLICATE FOR SUPPLIER

Where should the Invoice details be submitted?

The serial number of invoices issued during a tax period shall be furnished electronically through the common portal in Form GSTR-1

What is the prescribed form for the Tax Invoice?

The invoice shall be in prescribed format in “Form INV-1”. The invoice format is provided below

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What is Bill of Supply?

Where the tax credit needs to be carried on , a tax invoice shall be issued. In other cases or where supplier is not allowed to charge (Composite dealers) tax from customers, a document called bill of supply shall be issued.

Can Invoice once issued and uploaded be corrected by filing a revised return?

No. In GST era, a return once filed cannot be revised. Hence sufficient care shall be taken before final submission of the invoices.

How can we correct the mistakes in the invoices already filed/uploaded?

We need to file a Debit/Credit Note as applicable in the subsequent tax period.

What is Debit Note & Credit Note?

Where a original tax invoice is issued and the taxable value in the invoice/tax falls short of the actual taxable value/tax,  a Debit note shall be issued by the supplier.

Where a original tax invoice is issued and the actual taxable value/tax  is lesser than the taxable value/tax in the invoice, a Credit note shall be issued by the supplier.

Debit/Credit Notes includes a supplementary invoice, which is issued subsequently for making corrections in the value of supply and/or taxes.

When should a receipt voucher be issued?

As per Section 28(3) , a receipt voucher shall be issued in case of advance receipt for supply of goods or services. At the time of raising the final tax invoice, tax paid at the time of issuance of Receipt voucher shall be adjusted against the same. Receipt voucher, not being a tax invoice, will not be considered as eligible document for availment of Input tax credit in the hands of receipient.

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May 312017

Every taxpayer under GST will be allotted a State wise PAN based 15 digit Goods and Services Tax Payer Unique Identification Number (GSTIN). The various digits in the GSTN will denote the following:

How to read your GST Number ?

  • The First two digits represents the State in the Country where the registration is done. For Example, for Tamilnadu the unique code of “33” has been allotted and hence GST number of all assessees in Tamilnadu will start with “33”
  • Next 10 digits represents the Permanent Account Number (PAN) of the taxpayer. In case of Individual Proprietorship firms , the proprietor’s PAN number will reflect here. In case of other entities, the entity’s PAN will appear here.
  • The 13th digit would be alpha-numeric (1-9 and then A-Z) will be the entity code representing the number of registration of the tax payer (having the same PAN Number) within the State. For Example, a taxpayer with single registration within the state would have “1” as the 13th digit of his GSTIN. For the same taxpayer, the second entity will have “2” as the 13th digit of his GSTIN. This way, 35 business verticals of the same legal entity can be registered within a State.
  • The 14th digit of GSTIN would be kept blank for future use. As of now, the letter “Z” is in 14th digit.
  • The 15th digit of GSTIN will be the check digit.

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May 292017

The proposed GST law is going to be implemented very shortly.  Big companies/business houses will have sufficient expertise and work force for complying , maintenance of books of accounts and filing the returns under GST. But on the other side, SMEs, Start ups and small companies/traders will not be having such a big work force for complying with the GST regulations with regard to maintenance of details records, reconciliation etc.,

A separate scheme was available in earlier VAT law. A Similar Scheme is proposed in the GST law also. Let us know about the same in this Article.

Who can opt for Composition Scheme under GST ?

Assessees who deal in goods (either trader or manufacturer) can opt for this Composition scheme.

Can a person providing Services opt for this scheme?

No. This is applicable only for dealers dealing with goods (Traders/Manufacturers).

What is the rate of tax (GST) Payable under Composition Scheme?

Type of Dealer Rate of Tax











Others (Retailers/wholesalers)





Is this Scheme Compulsory for Small Assessees ?

No. This is optional. If the small dealers do not wish to opt for this scheme, they can opt for regular scheme of Input Credit based scheme.

How to opt for this Scheme?

The assessees who intent to opt for this scheme shall make an application exercising this option to pay tax under this scheme. Once this is approved , it is valid until it is cancelled or he becomes ineligible.

Should the assessee opt for Composition scheme for all businesses across India

Yes. Since the assessee is covered under same PAN all over India, he needs to opt for Composition scheme across India.

Can Composition dealer make Inter state sales?

No. An assessee opting for composition scheme cannot make Inter state sales. (ie) Sale from one state to another


Can  composition dealer collect Tax from his customers?

No. The composition dealer cannot collect tax from his customers in the Invoice. The tax payable (0.5%, 1% or 2.5%) as the case may be shall be on the bill value payable by the composition dealer.

Can composition dealer claim the Input Tax credit?

No. The Input tax Credit (Tax paid on the purchases) cannot be claimed by the composition dealer.

Can the customer who buys from Composition dealer claim Composition tax as Input tax Credit?

No. A customer who buys from the Composition scheme dealer is not eligible to claim the tax paid under Composition scheme as Input Tax Credit.

What happens if a Composition dealer violates any of the conditions after opting for the scheme?

If any assessee violates any conditions of the Composition scheme, he will be liable to pay taxes as applicable to a regular dealer along with a penalty of equivalent amount.

How to calculate the aggregate turnover?

Aggregate Turnover = Value of All taxable supplies + exempt supplies + Export Turnover

What are the return filing obligations of the Composition dealer?

The Composition dealer shall file the following forms :-

Form GSTR – 4                    –              Quaterly Return – to be filed on a Quarterly basis

Form GSTR – 9 A                –              Annual Return – to be filed on Annual basis

What are the relevant forms for Composition scheme ?

The option of Composition levy can be filed electronically through form GST CMP-01

What happens if a Composition dealer buys goods from a unregistered dealer

The composition dealer who purchases goods from an unregistered dealer shall pay taxes due on the same on reverse charge basis.

What happens if a composition dealer fails to file Quarterly returns

Consequence 1 :-             A penalty for non filing @ Rs. 100/- per day upto maximum of Rs. 5000 is                                               payable.

Consequence 2 :-             If Quarterly returns are not filed for 3 consequtive tax periods (Quarterly),                                          the registration under the GST will be cancelled.

Should a Composition dealer maintain detailed records?

No. Compared to Normal dealer, Composition scheme dealer need not maintain detailed records under GST.

Comparitive Analysis under Regular Scheme & Composition Scheme

Particulars Regular
Gross Tax @ 10% Gross Tax @ 10%
Purchases 100 10 100 10
Sales 120 12 120 1.2
Net Tax Payable 2 1.2
Net Out flow (for taxes) 2 11.2*
* Tax on Sales Rs. 1.20 plus Tax on purchases Rs.10/-

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May 162017

The Income-tax Department had recently made linking of Aadhaar & PAN madatory for assessees. A facility for the same was also introduced in the income tax efiling website

Now the Income-tax Department vide its Notification No S O 1513(E) dtd 11th May 2017 has exempted the following assessees :-

  1. Persons residing in the States of Assam, Jammu and Kashmir and Meghalaya;
  2. A person who is a non-resident as per the Income-tax Act, 1961;
  3. persons of the age of eighty years or more at any time during the previous year;
  4. a person who is not a citizen of India.

The relevant notification is attached below :-

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