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DOCUMENTS, ACCOUNTS & RECORDS IN GST (PART-II)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 1-12-2017 - Books and records be maintained in case of taxable person having multiple places of business As per first proviso to sec 35(1) of the GST Act, 2017, where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept only at respective places of business. Accordingly, in case where more than one place of business is specified in the certif .....

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ce the law does not require mandatory account keeping in an electronic form and in view of the use of word, may in sec 35(1), it can be said that accounts and records can be maintained in physical form. It may be noted that Maintenance of records was also prescribed under the Central Excise, Service Tax and state VAT laws. The provisions are briefly discussed below: Service tax records Rule 5(1) of Service tax Rules, 1994 provided that the records including computerized data as maintained by the .....

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as the case may be in regard to input or capital goods, and (iv) Other activities such as manufacture and sale of goods, if any. (b) All other financial records maintained by him in the normal course of business. Rules 5(4) and (5) provided for preservation of records in electronic form. Central Excise Records Rule 10 of the Central Excise Rules, 2002 required the maintenance of maintenance of Daily Stock Account indicating the particulars regarding description of the goods produced or manufact .....

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capital goods. Rule 9 of CENVAT Credit Rules, 2004 provided for maintenance of various records for availment and utilization of CENVAT credit on inputs, input services and capital goods. VAT Records VAT laws of most states obligated every assessee to keep and maintain an up-to-date, true and correct account showing full and complete particulars of his business and such other records as may be prescribed. There was an option to maintain those records at other place or places as he may notify to t .....

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tronically readable format, on demand making available files, codes, passwords etc on demand Section 35(1) of the GST Act, 2017 prescribes that every registered taxable person shall keep and maintain accounts and other records. Since, electronic cash ledger and electronic credit ledger on common portal are maintained by government under GSTN system for GST administration therefore, electronic cash ledger and electronic credit ledger on common portal may not be covered under accounts and records. .....

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