Accounting and Bookkeeping Services - GST Registration, GST cancellation, GST Return Filing

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Accounts & Records

Under GST, every registered person is required to maintain following records at the principal place of business specified in the registration certificate: –
  • Manufacture of goods
  • Inward and outward supply of goods and/or services
  • Stock of goods
  • Input tax credit availed
  • Output tax payable and paid

If more than one place of business is specified in the registration certificate, accounts relating to each place of business must be kept at the respective places.
Maintaining books and records in electronic form will be ideal and convenient for accurate and timely compliance under GST.

Persons whose turnover during the financial year exceeds Rs. 2 crore

In addition to maintaining the accounts specified above, a registered person whose turnover during the financial year exceeds Rs. 2 crore is required to,
  • Get the accounts audited by a Chartered Accountant or Cost Accountant and
  • Submit a copy of the audited annual accounts and a reconciliation statement in Form GSTR- 9B while filing the annual return in Form GSTR-9.

In the reconciliation statement, the Chartered Accountant or Cost Accountant is required to certify that the value of supplies declared in the annual return reconciles with the audited annual financial statement.

Persons owning or operating a warehouse or godown

An owner or operator of a warehouse or godown or any other place used for storage of goods, irrespective of whether he is registered or not, is required to maintain records of the consignor, consignee and other details which are yet to be prescribed in the law.

How long accounts and records should be retained?

Every registered person is required to retain accounts and records for 5 years from the due date of filing of annual return for the year to which the accounts and records pertain.
For example: For accounts and records pertaining to Financial Year ’17-’18, annual return must be filed by 31st December ’18. These accounts and records must be retained till 31st December ’23

List of records under GST


  • Sale invoices
  • Purchase invoices
  • Stock Ledger
  • Stock statement
  • Inward and outward register
  • Copies of E-way Bill
  • Copies of Delivery Challan for Job work sent and received back
  • Copies of receipt, refund and payment vouchers
  • Debit and credit note
  • Expenses voucher whether GST is payable under Reverse Charge
  • Quantitative information of opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and the balance of stock including raw materials, finished goods, scrap and wastage thereof  Name and address of all vendors and customers  Material issue record, production record and scrap records in case of Manufacturing Organizations.

Accounts and records to be maintained by Works Contractors


  • 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

Accounts and records to be maintained by Agents


  • Particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately
  • Particulars including description, value and quantity (wherever applicable) of goods or services received & Supplied on behalf of every principal
  • Details of accounts furnished to every principal and
  • Tax paid on receipts or on supply of goods or services effected on behalf of every principal.

Godown and warehouse owner or operators, and transporters


  • Transporter - records for all branches of goods transported, delivered, and stored in transit
  • Warehouse and Godown owner or operator – records of those goods remain in the warehouse, including details relating to dispatch, movement, receipt, and disposal of such goods
  • The owner or operator must store the goods so that they can be identified item wise and owner wise and shall facilitate any physical verification or inspection.
  • Board resolutions for giving authority to employees/ consultants/ director as the case may to sign the various
  • Documents

Multiple location in same state


  • Check whether additional place of business is added in registration
  • Check which place is registered as principle place of business
  • Check documentary evidence for principle place of business and additional place of business
  • Check whether all documents and records of all places are kept at principle place of business
  • Cross verify the records with additional place of business

Multiple location in different states


  • Check whether registration in all states is taken or not, if required
  • Check documents for principle place of business of each state  specific registration
  • Check whether all documents of respective states are kept at respective place or not

Multiple site in same or different states

                                  
  • Check whether state specific registration is mandatory or not
  • Check whether all documents of all sites in operation are kept at principle place of business

Physical copies of the documents


  • Check whether all copies of invoices on which ITC is claimed is available or not
  • Check whether all copies of sales invoices are available or not
  • Check whether Advance voucher, payment voucher, refund voucher are prepared or not

Time period preserving the records


  • Records are required to be maintained for 72 months from the due date of filing Annual Return
  • Check whether necessary mechanism is available to preserve the records

Electronic data maintenance


  • Check what is the provision for backup of data 
  • Check whether required data can be made available in hard or electronic readable form