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Published on:
March 21, 2023
By
Prudhvi Raj

Books of Accounts & Records Under GST

Under the Goods and Services Tax (GST) regime in India, registered taxpayers are required to maintain certain books of accounts and records to ensure compliance with GST regulations. These books and records must be maintained in electronic form and be available for inspection by the tax authorities.

The following are some of the key books of accounts and records that must be maintained by registered taxpayers under GST:

Purchase register: This register must contain details of all purchases made by the taxpayer, including the supplier's name and address, invoice number, date, value of the goods or services, and the amount of tax paid.

Sales register: This register must contain details of all sales made by the taxpayer, including the customer's name and address, invoice number, date, value of the goods or services, and the amount of tax charged.

Input tax credit register: This register must contain details of all input tax credits claimed by the taxpayer, including the supplier's name and address, invoice number, date, value of the goods or services, and the amount of tax paid.

Output tax liability register: This register must contain details of the taxpayer's output tax liability, including the customer's name and address, invoice number, date, value of the goods or services, and the amount of tax charged.

Electronic cash ledger: This is an electronic register that contains details of all tax payments made by the taxpayer, including the date of payment, the amount paid, and the tax head for which the payment was made.

Books of accounts and records under GST

Electronic liability ledger: This is an electronic register that contains details of all tax liabilities of the taxpayer, including the tax head, the amount of tax payable, and the due date for payment.

Annual return: Registered taxpayers are required to file an annual return under GST, which must contain details of all outward supplies, inward supplies, and taxes paid during the financial year.

In addition to the above, taxpayers may also be required to maintain other records such as delivery challans, bill of supply, and e-way bills depending on their business activities.

It is important for taxpayers to maintain accurate and up-to-date books of accounts and records to ensure compliance with GST regulations, avoid penalties, and mitigate potential legal and financial risks. Taxpayers can consult with tax experts or refer to official government sources for guidance on the specific books of accounts and records that they are required to maintain under GST.

Period for retention of accounts under Books of Accounts & Records Under GST

Under the Goods and Services Tax (GST) regime in India, registered taxpayers are required to retain their books of accounts and records for a specified period of time. The period of retention for different types of documents can vary, and it is important for taxpayers to maintain these records for the required period to ensure compliance with GST regulations and facilitate smooth audits.

The following are the periods for retention of various types of accounts and records under GST:

Accounts and records related to production or manufacture of goods: These must be maintained for a minimum period of three years from the due date of filing the annual return for the relevant financial year.

Accounts and records related to the provision of services: These must be maintained for a minimum period of three years from the due date of filing the annual return for the relevant financial year.

Accounts and records related to input tax credit: These must be maintained for a minimum period of three years from the date of filing the annual return for the relevant financial year.

Annual return: The annual return must be filed by registered taxpayers for each financial year, and the record of this return must be maintained for a minimum period of six years from the due date of filing the annual return.

It is important for taxpayers to retain their accounts and records for the required period to ensure compliance with GST regulations and facilitate smooth audits. Failure to maintain or retain these records can result in penalties, fines, or other legal and financial risks.

Taxpayers can consult with tax experts or refer to official government sources for guidance on the specific retention periods for different types of accounts and records under GST.

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Updated on:
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