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Accounts and Records-IIIAccounts and Records to be maintained under the GST Regime- Special requirements for Agents

The purpose of this article is to create awareness about the soon to be implemented Goods and Service Tax in India. This article is the third 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 applicable for Agency Business.

As per section 2(5) of the CGST Act “agent” means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another;

Every agent is required to maintain accounts depicting the following:

a. Particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately.

b. Particulars including description, value and quantity (wherever applicable) of goods or services received on behalf of every principal.

c. Particulars including description, value and quantity (wherever applicable) of goods or services supplied on behalf of every principal.

d. Details of accounts furnished to every principal.

e. Tax paid on receipts or on supply of goods or services effected on behalf of every principal.

Any person having custody over the goods in the capacity of a carrier or a clearing and forwarding agent for delivery or dispatch thereof to a recipient on behalf of any registered person shall maintain true and correct records in respect of such goods handled by him on behalf of the such registered person and shall produce the details thereof as and when required by the proper officer.

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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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One thought on “Accounts and Records-III : GST

  1. Sunil Sondhi says:

    Very Nice Article

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