Chartered Online Celebrates 1,00,000 Plus Subscribers

21 April, 2017

Print to PDF

Works Contractors Must Keep Seperate Accounts For Each Works Contracts Under GST

Works Contractors Must Keep Separate Accounts For Each Works Contracts Under GST

Image result for separate accounts

As per Rule 1 Sub Rule of GST - ACCOUNTS AND RECORDS - Draft Rules - 19-4-2017 

Every registered person executing works contract shall keep separate accounts for each 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 servicesreceived for the execution of works contract;

(c) description, value and quantity(wherever applicable) of goods or servicesutilized in the execution of each 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 has received goods or services

Though the Practice is undoubtedly a step to introduce better accountability but the implementation for dealers who are engaged in multiple and diversified activities including developers, contractors and service providers will make life a little tougher !!

CA Ankit Gulgulia | ankitgulgulia@gmail.com 


0 Comments:

Post a Comment