GST Laws in India mandate that all registered persons under GST maintain records and accounts in a specified manner. Every law of Direct and Indirect Tax in our country also mandates that information in a prescribed manner has to be captured and preserved for a certain period of time. In this article, we look at the list of records to be maintained under GST in detail.
Present Tax System:
- Excise Duty : Under Excise, the general records to be maintained are the RG-1 register (Daily stock account of excisable goods), Form IV register (Register of receipt or issue of raw material), invoice book and job work register.
- Service Tax : Under Service Tax, the suggested records include the bill register, receipt register, debit/credit notes register, CENVAT credit register, etc.
- VAT (Value Added Tax) : Under VAT, the records to be maintained include purchase records, sales records, stock records, VAT account containing details of input and output tax, works contract account, etc
Documents to be Maintained (GST)
- Details of production or manufacture of goods.
- Details of inward and outward supply of goods or services.
- Stock of goods.
- Input tax credit availed.
- Output tax payable and paid.
- Any other particulars as may be prescribed.
If more than one place of business is specified in the registration certificate, accounts relating to each place of business must be kept at the respective places.
Maintaining books and records in electronic form will be ideal and convenient for accurate and timely compliance under GST.