The Goods and Services Tax (GST) may be a tax reform that aims to eliminate India’s major indirect taxes – VAT, Excise and repair Tax. The GST laws mandate that every one registered persons UN agency square measure underneath GST, should maintain accounts and record during a explicit manner.
The record-keeping necessities square measure explained within the Section thirty five of the GST Act. additionally to it, in April 2017 central government free the draft rules for GST records and accounts (draft record rules), that lists the extra GST record-keeping and accounting necessities.
Place of Business
The GST “place of business” includes the following:
1. A place from wherever the business is often allotted. It can be warehouse, a warehouse or anyplace wherever subject person stores the products , receives or provides services or merchandise or each, or
2. A place wherever the books of accounts are maintained or
3. A place wherever someone pays tax is engaged in business through associate agent or no matter name referred to as.
Under the GST, bound documents square measure needed to be maintained by all registered taxpayers at their place of business.
Documents to be Maintained
Under the GST, all the registered taxpayers square measure needed to keep up the subsequent records and accounts at their place of business.
The details of manufacture or production of goods;
The details of the inward and outward provide of services or merchandise or each
Stock of products
The input diminution availed;
The output tax collectible and paid;
And the other particulars as could also be united.
In case there's over one place of business, then accounts regarding every of those places of business should be unbroken at that place. Records and accounts underneath the GST will be maintained in each electronic or the book format
Mandatory Document Maintenance needed
Transporters, operators or homeowners of warehouse, ware house or the other place that is employed for the storage of products that square measure needed to keep up records of the consignor, the receiver and also the different details of the products transported / control by them, whether or not the person is registered or not.
Duration of Account Maintenance underneath GST?
It is necessary for all the registered taxpayers to keep up the book of records and accounts for a amount of half-dozen years from maturity of the filing of the annual returns for the year. If the payer is concerned in associate attractiveness of the revision or the other continuing before any Revision Authority or appellant Authority or the appellant assembly or court, then all the accounts and also the books should be maintained for a amount of 1 year when the ultimate disposal of such associate attractiveness or proceedings or revision or for 6 years ,whichever is later.