CA Intermediate May 24: Additional Chapter Accounts and Records

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Questions and Answers

What is the definition of 'Place of business' according to Section 2(85)?

It includes a place where the business is ordinarily carried on, a place for storing goods, maintaining books of account, and a place where business is conducted through an agent.

How is 'Principal place of business' defined according to Section 2(89)?

It means the place of business specified as the principal place of business in the certificate of registration.

What does Section 35(1) of the Accounts and Other Records state regarding maintaining accounts?

Every registered person shall maintain, at the principal place of business, a true and correct account of production, inward and outward supply of goods or services, stock of goods, input tax credit, output tax payable and paid, and other prescribed particulars.

In case of multiple places of business specified in the certificate of registration, where should the accounts be kept?

The accounts relating to each place of business shall be kept at the respective places of business. Signup and view all the answers

What are the different types of locations included in the definition of 'Place of business'?

The definition includes the place where the business is carried on, places for storing goods, maintaining books of account, and places where business is conducted through an agent. Signup and view all the answers

What is the requirement for proper electronic back-up of records?

Proper electronic back-up of records shall be maintained & 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 a reasonable period of time. Signup and view all the answers

What details must the owner/operator of warehouse or godown and transporter maintain?

They must maintain records of the consigner, consignee, and other relevant details of the goods in the prescribed manner. Signup and view all the answers

What must the RP maintaining electronic records produce on demand?

The relevant records/documents, duly authenticated by him, in hard copy/in any electronically readable format. Signup and view all the answers

What is the process for submission of details by an unregistered warehouse owner or transporter?

They need to submit the details regarding their business electronically in FORM GST ENR-01 and, upon validation, a unique enrolment number shall be generated & communicated. Signup and view all the answers

What is the provision for a transporter with registration in multiple State/UT under the same PAN?

They may apply for a unique common enrolment number by submitting FORM GST ENR-02 using any one of their GSTINs, and upon validation, a unique common enrolment number shall be generated and communicated. Signup and view all the answers

Study Notes

Place of Business

Defined in Section 2(85) as including a warehouse, godown, or any other place from where the business is ordinarily carried on and includes a fixed establishment whether or not permanently occupied.

Principal Place of Business

Defined in Section 2(89) as the place where the taxable person keeps and maintains the accounts and records of all the places of business.

Accounts and Records

Section 35(1) of the Accounts and Other Records states that every registered person shall maintain accounts and records as required under the Act.
In case of multiple places of business specified in the certificate of registration, accounts should be kept at the principal place of business.

Types of Locations

'Place of business' includes a warehouse, godown, or any other place from where the business is ordinarily carried on.
It also includes a fixed establishment whether or not permanently occupied.

Electronic Back-up of Records

Proper electronic back-up of records is required.

Owner/Operator and Transporter Requirements

The owner or operator of a warehouse or godown and a transporter must maintain details including the names of the consignor and the consignee, the description of goods, and the date and number of the invoice or bill of supply.

Electronic Records

The Registered Person (RP) maintaining electronic records must produce the records on demand.

Unregistered Warehouse/Transporter

An unregistered warehouse owner or transporter shall submit details to the registered person on the basis of which the registered person shall issue an invoice or bill of supply.

Transporter with Multiple Registrations

A transporter with registration in multiple States or Union Territories under the same PAN must obtain a single registration in one of the States or Union Territories.

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Description

Prepare for CA Intermediate May 24 exam by studying the additional chapter on 'Accounts and Records Definitions' as covered by CHARTMASTER and CA RAMESH SONI. Explore key definitions such as 'Place of business' and deepen your understanding of related concepts.