Records of goods lost, stolen, gifted a must under GST draft rules

This will add to the compliance burden of industry

Entities will have to keep records of goods lost, stolen, destroyed and given as gifts or free samples under the goods and services tax (GST) regime, expected from July 1.

Complying with the “accounts and record” draft rules, put in public domain on Wednesday, will add to the compliance burden of industry.

“Every registered person … shall maintain accounts of stock in respect of each commodity received and supplied by him, and … particulars 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,