Maintenance of records is compulsory under GST
MIDC Industries Association (MIA) conducted an educative seminar on GST for the members of the Association. The seminar was organised at MIA House. The faculties were CA Kirti Agrawal, CA Shambhu Tekriwal, trade representative of NVCC and Director of NCCL, CA Rakesh Agrawal and CA Eshuji Jain.
Speaking on the occasion, CA Kirti Agrawal threw light on accounts, returns and records to be maintained under the GST Act, 2017. She highlighted the importance of documentation, accounts and records to be maintained by dealers as per GST Act.
For seamless flow of credit of GST paid and discharging the liability towards GST, maintenance of records, its accounting, and documentation will ease the compliance process on timely basis in effective manner. The GST Act has laid down the consequential interest for improper utilisation of credit and payment of GST along with penalty for delay in filing the monthly forms and returns as per the Act.
CA Shambu Tekariwal and CA Ishuji Jain said guided the participants. They said, manufacturers and traders should create separate proper tax accounts for IGST CGST and SGST. It should be rate wise separately for inwards and outward supplies so that they are in a position to assess their tax liabilities or excess credits hassle free on time.
“This will later help them in reconciling the same with their electronic credit ledger accounts while filing the forms and returns under GST. It is advisable to the taxpayers to maintain separate accounts of tax to be paid on Reverse Charge Mechanism (RCM), so that they know the amount of tax liability to be discharged on input supplies to be paid in cash/ bank i.e. to be debited in electronic cash ledger on account of Reverse Charge Mechanism and availability of the same to be utilised as credits once paid off as per the law along with the Input Tax Credits available on inward supplies,” Tekriwal said.
“On Reverse Charge Mechanism and the credit available on the same. It is advisable to maintain separate accounting ledgers for RCM and Input Tax Credit,” CA Jain added.
CA Kirti Agrawal insisted that the GST dealers have to mandatory maintain detailed records of their inward and outward suppliers. C G Shegaonkar, Secretary of MIA introduced the guest.
Earlier Capt. C M Randhir, President of MIA, welcomed all the faculties. Present representatives of industries including Nirav Industries, PIX Transmission, Navratna Industries, Jalaram Feeds, Vishwashanti Udyog, Mecgale Pneumatics, Duraweld Metsys, Tag Glass, Arco Life Sciences, Yash Forging, Onkar Furniech, Techno Engineering and Rubbers, Phoenix Engineering and others.