Today starting my next series on GST. GST-AAA. 3A stands for
Accounting, Audit & Assessment. When I was reading Draft GST Rule on
Accounts and Records, then realize, this time law is just not like a well
written literature book complied by a group of authors having interest in philosophy,
unaware about the business making law that will impact industry and whole
nation. Now it is practical; it is about
business & accounting. Accounts & Records will be prime responsibility
of everyone, from head office to branch office, from factory to warehouse, from
job worker to transporter. Any Business Transaction would be like scent,
whosoever will touch, fragrance or aroma will reveal his role in the transaction.
No Excuse will be entertained. Dealer
has to ensure Safety of records. Just refer Rule 2 :
Proper electronic
back-up of records shall 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.
Also condition to maintain complete log of accounting
entries will just not impact accountants, but also make other function heads of
Purchase, Stores & Sales to forward documents in accounts at the earliest
possible. Sales transactions would have to authenticated & final before an
invoice is raised because now eyes of big boss (GST Authority) would be always
over the system.
If some people have misunderstanding, that GST is only about
accountants, need to refresh their thinking, it is about entire business.
Directly or Indirectly all business activities would be affected. Thanks.
[GstSutras6] [GstAAA1] #SukhF_GST
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