Accounts & Records – GST

Accounts & Records


Accounts & Records

Section 35 of CGST Act 2017

Every registered person shall maintain at its principal place of business following records:

  • Production or manufacture of goods
  • Inward and outward supply of goods or services or both
  • Stock of goods
  • Input tax credit availed
  • Output tax payable and paid and
  • Other particulars as may be prescribed

In addition to the particulars mentioned above a true and correct account of the goods or services imported or exported or of supplies attracting payment of tax on reverse charge along with relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills.

 Every owner or operator of godown or warehouse and transporter, irrespective of whether he is registered or not ,is require to maintain records of the consignor, consignee and other relevant details.

Section 36 of CGST Act 2017

It is mandatory for all the registered taxpayers to maintain the book of records and accounts for a period of 72 months from due date of the filing of the annual returns for the year.

However, if the taxpayer is involved in an appeal of the revision or any other proceeding before any Revision Authority. Or Appellate Authority or the Appellate tribunal or court, then all the accounts and the books must be maintained for a period of one year after the final disposal of such an appeal or proceedings or revision or for 72 months, whichever is later.

[button color=”” size=”” type=”round” target=”” link=””]home[/button]  [button color=”” size=”” type=”round” target=”” link=””]Submit Article [/button]  [button color=”” size=”” type=”round” target=”” link=””]Ask Question [/button]