GST Accounts & Records

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Records to be maintained by the Registered Person

Every Registered Person is required to keep and maintain following records at the Principal place of Business either manually or in electronic form:

REGISTER OF GOODS MANUFACTURED
PURCHASE REGISTER
SALES REGISTER
STOCK REGISTER
INPUT TAX CREDIT AVAILED
OUTPUT TAX LAIBILTY
TAX PAID
OTHER RECORDS AS APPLICABLE
Retention Period

Every Registered Person is required to maintain it books of accounts for a period of 72 months i.e. 6 years from the due date of furnishing the annual return (i.e. 31st December of the following year) of a particular financial year. For Instance: the Books of Account of the Financial Year 2017-18 where due date of Annual Return submission is 31.12.2018 is required to be till 60 years from 31.12.2018 i.e. till 31.12.2024.

If the registered person is a party to any proceedings before any authority (First Appellate) or is under investigation then the person must maintain the books for a period of 1 year after the order of such proceedings/appeal has been passed.

Consequences of non-maintenance

If the registered person fails to maintain proper records in respect of goods / services, then the proper officer shall treat such unaccounted goods / services as if the registered person had supplied them. The officer will determine the tax liability on such unaccounted goods which the registered person will be required to pay along with penalty as may be imposed by the officer in this regard.