prpri Maintenance of Books of Accounts & other records under GST & retention period Maintenance of Books of Accounts & other records under GST & retention period

What are the accounts and records to be maintained by registered person?

As per section 35 of CGST Act 2017, Every registered person shall keep and maintain following records at his principal place of business, as mentioned in registration certificate of  the registered person :-

A. Inward and outward supply of goods or services or both;

B. Production or manufacture of goods;

C. Stock of goods;

D. ITC availed;

E. Output tax paid and payable; and

F. Such other particulars as may be prescribed

If more than one place of business is specified in the registration certificate, the accounts and records relating to each place of business shall be kept at such place of business.

Registered person may keep accounts and other particulars in E-form in such manner as may be prescribed.

However, if The Commissioner considers that any class of taxable person not in position of maintain the accounts in accordance of the provisions mentioned above, he may, for reasons to be recorded in writing, permit to maintain accounts in such manner as may be prescribed.

Nothing contained above shall apply to any department of Central Government or a State Government or a local authority, whose books of accounts are subject to audited by Comptroller and Auditor General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force.

Books of Accounts

What is the period of retention of books of accounts mentioned above?

As per section 36 of CGST Act 2017, every registered person shall retain the above mentioned accounts until the expiry of seventy two months i.e. 6 years from the due date of furnishing of annual return for the year pertaining to such accounts and records.

However, if registered person is a party to an appeal or revision or any other proceedings before Appellate Authority or Revisional Authority or Appellate Tribunal or court, whether filed by him or by the commissioner, shall retain the books of accounts and other records pertaining to the subject matter of such appeal or revision or proceedings or investigation for a period of one year after the final disposal of such appeal or revision or proceedings or investigation, or for the period specified above i.e. seventy-two months, whichever is later.

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Qualification: CA in Practice
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Location: New Delhi, IN
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August 2021