A record of goods lost, stolen or destroyed as well as those given as free sample and gifts will have to be maintained under the new goods and services tax regime, which kicks in from 1 July.

Also, each volume of books of account will have to be maintained with serial numbers and any entry in registers, accounts and documents will not be erased, effaced or overwritten.

The rules provide for maintaining separate account or records for each activity, including manufacturing, trading and provision of services. A true and correct account of the goods or services with relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt, payment and refund vouchers and e-way bills will have to be maintained under the new GST regime.

The rules stipulate maintaining of accounts of stock for each commodity received and supplied with clear details of “the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and balance of stock including raw materials, finished goods, scrap and wastage. Also, a separate account of advances received, paid and adjustments will have to be maintained.

Manufacturers have to maintain monthly production accounts, showing the 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.

A proper back-up of electronic records will have to be maintained and preserved in a manner that the information can be restored within reasonable period of time in the event of destruction of such records due to accidents or natural causes.