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Accounts and Records-IIThis article is the second article of the series of articles on accounts and records to be maintained under GST based on GST Act and Accounts and Records Rules. This article covers special requirements for generation and maintenance of records in electronic format.

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Authentication of records
It is permissible to maintain records in electronic format and the record so maintained shall be authenticated by means of a digital signature.

Proper backup
Proper electronic back-up of records should be maintained and preserved in such manner that, in the event of destruction of such records due to accidents or natural causes, the information can be restored within reasonable period of time.

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

Production of electronic records on demand
The registered person maintaining electronic records is required to produce, on demand, the relevant records or documents, duly authenticated by him, in hard copy or in any electronically readable format.

Production of audit trail, inter-linkages etc. on demand
The registered person is also required to provide, on demand, an account of the audit trail and inter-linkages including the source document, whether paper or electronic, and the financial accounts, record layout, data dictionary and explanation for codes used and total number of records in each field along with sample copies of documents.

The purpose of this article is to create awareness about the soon to be implemented Goods and Service Tax in India.

ca rishabhkumarThe author is a fellow member of the Institute of Chartered Accountants of India and also a qualified Company Secretary. The author has also done DISA(ICAI), certificate on IFRS (ICAI), Certificate on Forex and Treasury Management (ICAI), Certificate on Forensic Accounting and Fraud Prevention (ICAI). The author practices as a Chartered Accountant under the name and style of Rishabh Kumar Barmecha and Associates and is an expert in auditing, financial investigation, direct and indirect taxation. The author can be reached at rishabhkumarbarmecha@gmail.com or 91 9007909221 or Twitter @CARKBarmecha.
CA Rishabh Kumar Barmecha

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