CHAPTER VII
ACCOUNTS AND RECORDS
Rule 56 – Maintenance of accounts by registered persons
(1) Every registered person shall keep and maintain, in addition to
the particulars mentioned in sub-section (1) of section 35, a true
and correct account of the goods or services imported or exported or
of supplies attracting payment of tax on reverse charge along with
the relevant documents, including invoices, bills of supply, delivery
challans, credit notes, debit notes, receipt vouchers, payment
vouchers and refund vouchers.
(2) Every registered person, other than a person paying tax
under section 10, shall maintain the accounts of stock in respect of
goods received and supplied by him, and such accounts shall
contain particulars of the 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.
(3) Every registered person shall keep and maintain a separate
account of advances received, paid and adjustments made thereto.
(4) Every registered person, other than a person paying tax
under section 10, shall keep and maintain an account, containing
the details of tax payable (including tax payable in accordance with
the provisions of sub-section (3) and sub-section (4) of section 9,
tax collected and paid, input tax, input tax credit claimed, together
with a register of tax invoice, credit notes, debit notes, delivery
challan issued or received during any tax period.
(5) Every registered person shall keep the particulars of –
(a) names and complete addresses of suppliers from whom he has
received the goods or services chargeable to tax under the Act;
(b) names and complete addresses of the persons to whom he has
supplied goods or services, where required under the provisions of
this Chapter;
(c) the complete address of the premises where goods are stored by
him, including goods stored during transit along with the
particulars of the stock stored therein.
(6) If any taxable goods are found to be stored at any place(s) other
than those declared under sub-rule (5) without the cover of any
valid documents, the proper officer shall determine the amount of
tax payable on such goods as if such goods have been supplied by
the registered person.
(7) Every registered person shall keep the books of account at the
principal place of business and books of account relating to
additional place of business mentioned in his certificate of
registration and such books of account shall include any
electronic form of data stored on any electronic device.
(8) Any entry in registers, accounts and documents shall not be
erased, effaced or overwritten, and all incorrect entries, otherwise
than those of clerical nature, shall be scored out under attestation
and thereafter the correct entry shall be recorded and where the
registers and other documents are maintained electronically, a
log of every entry edited or deleted shall be maintained.
(9) Each volume of books of account maintained manually by the
registered person shall be serially numbered.
(10) Unless proved otherwise, if any documents, registers, or any
books of account belonging to a registered person are found at any
premises other than those mentioned in the certificate of
registration, they shall be presumed to be maintained by the said
registered person.
(11) Every agent referred to in clause (5) of section 2 shall maintain
accounts depicting the,-
(a) particulars of authorisation 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; and (e) tax paid
on receipts or on supply of goods or services effected on behalf of
every principal.
(12) Every registered person manufacturing goods shall maintain
monthly production accounts showing 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.
(13) Every registered person supplying services shall maintain the
accounts showing quantitative details of goods used in the provision
of services, details of input services utilised and the services
supplied.
(14) Every registered person executing works contract shall keep
separate accounts for works contract showing –
(a) the names and addresses of the persons on whose behalf the
works contract is executed;
(b) description, value and quantity (wherever applicable) of goods or
services received for the execution of works contract;
(c) description, value and quantity (wherever applicable) of goods or
services utilized in the execution of works contract;
(d) the details of payment received in respect of each works
contract; and
(e) the names and addresses of suppliers from whom he received
goods or services.
(15) The records under the provisions of this Chapter may be
maintained in electronic form and the record so maintained shall
be authenticated by means of a digital signature.
16) Accounts maintained by the registered person together with all
the invoices, bills of supply, credit and debit notes, and delivery
challans relating to stocks, deliveries, inward supply and outward
supply shall be preserved for the period as provided in section
36 and shall, where such accounts and documents are maintained
manually, be kept at every related place of business mentioned in
the certificate of registration and shall be accessible at every related
place of business where such accounts and documents are
maintained digitally.
(17) 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 such registered person and shall produce the
details thereof as and when required by the proper officer.
(18) Every registered person shall, on demand, produce the books of
accounts which he is required to maintain under any law for the
time being in force.
