The Commissioner of State Tax, Maharashtra has issued a notification amending an earlier notification which stated that on or after the 1st April 2018, no e-way bill shall be required to be generated, for the intra-State movement that commences and terminates within the State of Maharashtra, in respect of any goods of any value. As per clause 2 of the earlier notification, the notification shall be in force until further orders are issued.

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The new notification has amended clause 2 and has fixed an expiry date for the Notification, i.e. 30th April 2018.

This would mean that from 1st May onwards e-way bill will become a requirement for the intra-State movement that commences and terminates within the State of Maharashtra. Already six States-Karnataka, Andhra Pradesh, Gujarat, Kerala, Telengana, Uttar Pradesh has implemented e-way bill system for intra-state movement of goods.

E-way bills will be mandatory for intra-State trade in respect of these six more states- Bihar, Jharkhand, Haryana, Madhya Pradesh, Tripura and Uttarakhand -from April 20.


The government has advanced the deadlines for filing of seller forms under the

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(goods and services tax), GSTR-1, for April, May and June 2018 in comparison to those given for previous months.

GSTR-1 for the month of April will have to be filed by May 31 2018. Earlier, 40 days were given for filing these, which would have made June 10, 2018 the deadline. Returns for May have to be filed by June 10, 2018 and for June by July 10, 2018. So, only 10 days after the month ends, against the earlier 40 days.

The government has not changed the deadline for filing GSTR-3B. These are to still be filed by the 20th of the following month. The idea is to allow reconciliation between the two forms, GSTR-3B and GSTR-1. According to the original plan, the GST Council had decided to give only 10 days to file GSTR-1, after which GSTR-2, the return for buyers, had to be finalised and filed within the next five days. These were to be then used for filing GSTR-3 forms, to claim credits.

The over complicated returns prompted the Council to redo this. GSTR-1 was retained; GSTR-2 and GSTR-3 forms were suspended. In place of GSTR-3 came GSTR-3B, meant for the initial months but continuing.

The government gave 40 days for an assesses to file GSTR-1 after the month in question ended. Since GSTR-2 has been suspended, such reconciliation will enable companies to liase with their vendors to rectify any incorrect recording at their end.



Tax Audit – Relevant Clauses in case of Bank Audit

1. Clause 9 (b) and (c)*- Books of Accounts Maintained and Examined – Generally printed list.

2. Clause 14*- Particulars of Depreciation allowable –Details of Purchase, Sale, Transfer and Disposal/ Write-off of Fixed Assets to be verified by Branch Auditor.- Depreciation calculation – generally at HO.

3. Clause 17(a)*– Any amount of Capital Expenditure debited to Profit and Loss A/c.

4. Clause 17(e)*– Expenditure by way of Penalty or Fine for violation of any law debited to Profit and Loss A/c.

5. Clause 17(f)*– Any amount inadmissible u/s 40(a):

(a) Amount inadmissible u/s 40(a)(i):

– Any interest paid to a Non-Resident person or to a Foreign Company without TDS.

(b) Amount inadmissible u/s 40(a)(i)(a):

– Any interest, commission, brokerage, fees for Professional/ Technical Services or Contract Amount paid to a Resident

person without TDS.

(c) Amount inadmissible u/s 40(a)(i)(a):

– Any tax, interest or penalty under Income Tax Act or Wealth Tax Act debited to P&L A/c.

6. Clause 17(h)*– Section 40A(3) read with Rule 6DD:

– Whether any amount is inadmissible u/s 40A (3) read with Rule 6DD – relating to disallowance of any expenditure paid otherwise than by A/c. Payee Cheque?

– Obtain a Certificate from the Branch Management relating to payments covered u/s 40A(3).

7. Clause 21*- Bank’s Contribution and Employees’Contribution to Provident Fund- Annexure details to be verified.

Particulars of Income/ Expenditure of Prior Period credited or Debited to the Profit and Loss A/c. of the Current Year

8. Clause 27*- Compliance of TDS provisions:

– Verify TDS compliance under all relevant sections like Salary, Interest, Interest to NRI, Contract Payments, Technical & Professional Fees etc.

– Provide Details of :

(a) Tax Deductible but not deducted at all.

(b) Shortfall on account of lesser TDS than required.

(c) Tax Deducted late

(d) Tax Deducted but not paid to Central government

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Books of Accounts – Indian Companies Act, 2013 and GST Act, 2017

Maintenance of books of accounts and necessary supporting and relevant records are highly essential requirements for proper management and control of the business operations. This will facilitate the correct receipt and payment of cash and other transactions entered by the company. It is mandatory to maintain the books of accounts under Indian Companies Act, 2013 and GST Act, 2017. Hence accounts maintenance in India is compulsory.

 Under GST Act, 2017, as per section 35 of the CGST Act, 2017,

“Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of—
Production or manufacture of goods;
Inward and outward supply of goods or services or both;
Stock of goods;
Input tax credit availed;
Output tax payable and paid; and
Such other particulars as may be prescribed.”

Accordingly, a registered person under GST is require to maintain the records as mentioned in section 35 of the CGST Act, 2017.

However, a person may maintain additional records for decision making or for other useful information, such as:
Import/export of goods/services, if any;
Supplies attracting Reverse charge (from unregistered person or specified services/goods);
Advances received/paid and adjustments made;
Records for receipt of goods and services from registered person;
Details for Import of goods including bill of entry and other related documents;
Returns, payment challans, debit note and credit notes;
Financial statements;
Electronic records of tax liability , cash , credit ledger
Bank statements and pay-in slips;
Records for manner of computation of GST liability;
Records for availment and utilisation of credit;
GST reconciliation statement;
Electronic records of:-
tax liability
Job work register;
Security Deposit Register.
Important Points to be Noted :

Where more than one place of business is specified in the certificate of registration then the accounts relating to each place of business shall be kept at such places of business;
The registered person may keep and maintain such accounts and other particulars in electronic form in prescribed manner;
Every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter (irrespective of whether he is a registered person or not) shall maintain records of the consigner, consignee and other relevant details of the goods in the prescribed manner;

Every registered person whose turnover during a financial year exceeds the two crore rupees [Rule 80(3) of the CGST Rules, 2017] shall get his accounts audited by achartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement and such other documents in prescribed form and manner;

Every registered person, other than a person paying tax under section 10, i.e., composition scheme, 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;

Every registered person is required to keep the particulars of the each and every supplier , recipient and the warehouses;
In case where goods found stored without any legal documents, then in this case proper office may determine the tax on such goods considering that the goods have been supplied by the registered person;
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;
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

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;

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.
Recording of goods lost or stolen etc.

A person is required to record the details of goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples properly in its books of accounts. In case where the registered person fails to account for the goods or services or both then the proper officer shall determine the amount of tax payable on the goods or services or both that are not accounted for, as if such goods or services or both had been supplied by such person and the provisions of section 73 (Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any willful misstatement or suppression of facts) or section 74 (Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any willful misstatement or suppression of facts), as the case may be, shall, mutatis mutandis, apply for determination of such tax.

Period of Retention of Accounts [Section 36 of the CGST Act, 2017]

Under GST, every registered person required to keep and maintain/retain books of account or other records until the expiry of 72 months from the due date of furnishing of annual return, i.e., 31st December for the year pertaining to such accounts and records.
It may be noted that a registered person, who is a party to an appeal or revision or any other proceedings before any Appellate Authority or Revisional Authority or Appellate Tribunal or court, whether filed by him or by the Commissioner, or is under investigation for an offence under Chapter XIX, shall retain the books of account and other records pertaining to the subject matter of such appeal or revision or proceedings or investigation for a period of 1 year after final disposal of such appeal or revision or proceedings or investigation, or for the period specified above, whichever is later.

Ledger Accounts to be maintained Under GST

The CGST and SGST will be charged on intra-state supplies whereas the IGST will be charged on all inter-state supplies. Therefore separate ledger account is required to be maintained related to CGST, SGST/UTGST, IGST and Compensation Cess.

TrueRatingERP GST Invoice Bill Books- As per Rule 46(b) of the GST Rules, 2017

GST Rule for Bill Books  *As per Rule 46(b) of the CGST Rules, 2017*

A *_new bill book_* is to be maintained for every new Financial Year.

*Today i.e. 01/04/2018* is the beginning of new Financial Year 2018-2019. Hence, the organization has to comply with the above mentioned rule.

*Please note -*

This _bill book has to be unique (using mixture of alphabets, numbers, hyphen, etc.)_ and consecutively numbered.
The maximum digits allowed are 16 (including Special Characters).

*Example of unique series -*

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