Works Contractors Must Keep Separate Accounts For Each Works Contracts Under GST
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
Related Tags CA Ankit Gulgulia, GST, Works Contract
