Clarifications on Maintenance of Books of Accounts for Auctioning Tea, Coffee, and Rubber
<p><span>In Circular No. 23/23/2017-GST, dated December 21, 2017, the Ministry of Finance, Government of India, provides crucial clarifications regarding the maintenance of books of accounts for auctioneers and principals dealing with tea, coffee, rubber, and similar goods. The circular addresses issues faced by stakeholders in maintaining these accounts across multiple places of business.</span></p><h4>Key Highlights:</h4><ol start="1"><li><span><strong>Books of Accounts Maintenance</strong>: Principals and auctioneers are required to declare warehouses storing goods as additional places of business and maintain books of accounts at these locations. However, if maintaining these accounts at each additional place is difficult, they may be maintained at the principal place of business.</span></li><li><span><strong>Notification to Authorities</strong>: Stakeholders opting to maintain books at their principal place must notify their jurisdictional proper officer in writing.</span></li><li><span><strong>Input Tax Credit (ITC)</strong>: Principals or auctioneers are eligible for ITC, subject to the fulfillment of other provisions of the CGST Act.</span></li><li><span><strong>Applicability</strong>: This circular applies to the auction of goods like tea, coffee, and rubber, where the auctioneer claims ITC on supplies received before the auction.</span></li><li><span><strong>Implementation</strong>: Any difficulties in implementation should be reported to the Board for resolution.</span></li></ol><p><span>This circular aims to streamline the process for maintaining books of accounts for auctioned goods, ensuring a consistent and uniform approach.</span> <a href="https://cms.plasament.com/storage/circularno-23-cgst.pdf">circularno-23-cgst</a><br> </p>