CGST Rules: Chapter 7- Accounts and Records

The CGST Act, 2017, mandates every registered person to maintain appropriate books of accounts and records at their principal place of business. The CGST Rules, 2017, prescribe the specifics of these books and records that are required to be maintained.

Chapter 7 of the CGST Rules deals with the accounts and records that must be maintained by the owner or operator of a godown or warehouse and transporters. This chapter outlines the records that must be maintained, the time limits for preserving these records, and the manner in which they must be maintained.

Records to be Maintained by Owner or Operator of Godown or Warehouse

The owner or operator of a godown or warehouse, or any other place used for storage of goods, must maintain the following records:

1. Details of goods stored, along with their description and quantity

2. Details of goods received into and removed from the godown or warehouse

3. Details of the person who has removed the goods and the destination to which they have been removed

4. Details of the person who has brought the goods into the godown or warehouse and the origin from which they have been brought

5. Details of the person who is in charge of the godown or warehouse

These records must be maintained in electronic form, and the owner or operator of the godown or warehouse must also maintain a register containing the names and addresses of the suppliers and recipients of goods stored in the godown or warehouse.

It is important to note that the owner or operator of the godown or warehouse must preserve these records for a period of at least six years from the date of the last entry made in the records.

Records to be Maintained by Transporters

Transporters who are registered under the CGST Act, 2017, must maintain the following records:

1. A register containing details of the goods transported, including their description, quantity, and destination

2. Details of the person who has consigned the goods for transportation

3. Details of the person who is receiving the goods on delivery

4. A copy of the invoice or bill of supply pertaining to the goods being transported

5. A copy of the e-way bill or the bill of lading, as applicable

These records must be maintained in electronic form, and the transporters must preserve these records for a period of at least eight years from the date of the last entry made in the records.

Conclusion

It is essential for all registered persons to maintain and preserve the accounts and records specified in the CGST Rules. Failure to do so may result in penalties and fines. The records specified in Chapter 7 of the CGST Rules are particularly important as they pertain to the storage and transportation of goods, and maintaining these records accurately can help prevent any legal or regulatory issues.

Chapter 7 of the CGST Rules outlines the accounts and records that must be maintained by the owner or operator of a godown or warehouse and transporters. This article explains the specifics of these records and the time limits for preserving them. Taxation Goods and Services Tax (GST)cgst-rules-chapter-7-accounts-and-records-records-to-be-maintained-by-owner-or-operator-of-godown-or-warehouse-and-transporters