TMI BlogMaintenance of Accounts and other record in GST LawX X X X Extracts X X X X X X X X Extracts X X X X ..... Maintenance of Accounts and other record in GST Law - By: - Sanjeev Singhal - Goods and Services Tax - GST - Dated:- 18-3-2017 - - 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, recor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of input credit availed and output tax payable or paid. Accounts and other Record Every registered taxable person shall maintain at his principal place of business [as mentioned in the certificate of registration] the following record Accounts of production or manufacture of goods Record of inward and outward supply of goods and / or services Record of stock o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f goods Record of input tax credit availed Record of output tax payable or paid All other documents as may be prescribed Commissioner/ chief commissioner may notify the class of person to maintain additional accounts or documents. Taxable person whose turnover during financial year exceed the prescribed limit , will get his accounts audited by chartered acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untants or cost accountant. Copy of such audited accounts with reconciliation statement as provided in sec. 39[2] shall be submitted to proper officer. Where taxable person fails to account for goods stolen , destroyed , disposed off , the proper officer in this case determine the amount of tax payable on such goods which has not been accounted for and proceed with provision of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 66 and 67 of the act. Every owner or operator of warehouse or godown shall maintain record of consigner, consignee and all other relevant details of the goods as prescribed whether person is registered or not. Period of retention of accounts Every RTP shall keep the record of all books of accounts and other record and shall retain the same until the expiry of 60 month f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the due date of furnishing the annual return . 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 pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeding 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 sanjeev.singhal@skaca.in . WWW. skaca.in - Reply By Ganeshan Kalyani as = Nice article sir. If all the details like invoice wise sales, invoice wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se 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 repor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. 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. Dated: 20-3-2017 Reply By KASTURI SETHI as = Sh.Ganeshan Kalyani Ji is absolutely right. Every department is going on paperless and even Supreme Court has expressed to achieve the target o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f being paperless. When original docs are uploaded into GSTN, these would be saved for ever and not for only five years. Dated: 3-4-2017 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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