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Maintenance of Accounts and other record in GST Law |
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Maintenance of Accounts and other record in GST Law |
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No specific list of accounts or record has been prescribed in Section 53 of GST Law. It only talked about the true and correct accounts of production or manufacture of goods, inward and outward supply of goods and /or services, accounts of stock of goods, record of input credit availed and output tax payable or paid. Accounts and other Record
Period of retention of accounts
Example : Record of FY 2017-18 shall be retain till 31.12.2023. Provided that where RTP is in appeal, revision or any other proceeding before any appellate or tribunal or court , whether filed by him or by department, or under investigation of offence , shall retains the books for period of one year after the disposal of such proceeding or the period specified above which shall be later. ------------------------------------------ Author is practicing chartered accountant in Gurgaon and having specialization in Service Tax and Haryana VAT. He can be reached at [email protected]. WWW. skaca.in
By: Sanjeev Singhal - March 18, 2017
Discussions to this article
Nice article sir. If all the details like invoice wise sales, invoice wise purchase, debit note / credit note details, input set off detail, output tax detail etc. Is furnished by a registered tax payer in online website i.e. GSTN then why would an assessee is required to keep records for 5 years . In the existing tax regime the total sales, purchase and other detail are given in summay level. Recently only some states have stated collecting invoice wise detail report. Therefore keeping record is justifiable atleast for states where only summary level info is submitted. But in GST whether the record need to be kept for such a long period, need to be thought of. Thanks.
Sh.Ganeshan Kalyani Ji is absolutely right. Every department is going on paperless and even Supreme Court has expressed to achieve the target of being paperless. When original docs are uploaded into GSTN, these would be saved for ever and not for only five years.
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