GST Records – What Must be Maintained Under The New Rules?

Last Updated at: March 13, 2020
1985

When you apply for a GSTIN, you will have to provide some crucial documents to the authorities. You will have to submit all the details regarding the various places where your company carries on its business. Your commercial office along with warehouses will be considered to be places of business.

The Goods and Services Tax (GST) is a tax reform that aims to eliminate India’s major indirect taxes – VAT, Excise and Service Tax. However, the GST laws mandate that all registered persons who are under GST, must maintain accounts and GST records in a particular manner.

Below you’ll find the list of services that will walk you through the need for the service, the eligibility, documentation procedure and benefits. Our experienced team members are there to guide you and complete the process at ease.

The record-keeping requirements are explained in the Section 35 of the GST Act. In addition to that , in April 2017 central government released the draft rules for GST records and accounts  (draft record rules), which lists the additional GST record-keeping and accounting requirements.

Get Online GST Registration

Place of Business 

Under the GST, “place of business” includes the following:

  • A place from where the business is normally carried out. It could be godown, a warehouse or any place where taxable person stores the goods, receives or supplies  services or goods or both, or
  • A place where the books of accounts are  maintained or
  • A place where a person who pays tax is engaged in business through an agent or whatever name called.

Under the GST, certain documents are required to be maintained by all registered taxpayers at their place of business.

GST Records & Documents to be maintained:

Under the GST, all the registered taxpayers are required to maintain the following records and accounts at their place of business.

  • The details of manufacture or  production of goods;
  • The details of  the inward and outward supply of services or  goods or both
  • Stock of goods
  • The input tax credit availed;
  • The output tax payable and paid;
  • And any other particulars as may be agreed.

In case there is more than one place of business, then accounts relating to each of these places of business must be kept at that place. Records and accounts under the GST can be maintained in both electronic or the book format

Mandatory Documents Maintenance Required

Transporters, operators or owners of godown, ware house  or any other place which is used for the  storage of goods that  are required to maintain records of the consigner,  the consignee and the  other details of the goods transported / held by them, whether the person is registered or not.

How long Accounts have to be maintained under the GST?

 It is mandatory for all the registered taxpayers to maintain the book of records and accounts for a period of 6 years from due date of the filing of the annual returns for the year. If the taxpayer is involved in an appeal of  the revision or any other proceeding before  any Revision Authority or Appellate Authority or  the Appellate tribunal or court, then all  the accounts and  the books must be maintained for a period of one year after the  final disposal of such an appeal  or proceedings or revision or for 6 years ,whichever is later.

The rules of GST state that all businesses must maintain their book of accounts and other relevant records even after filing their monthly or annual returns. You must keep them available for a minimum of 6 years after filing the annual returns. The authorities may require it later.

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GST Records – What Must be Maintained Under The New Rules?

1985

When you apply for a GSTIN, you will have to provide some crucial documents to the authorities. You will have to submit all the details regarding the various places where your company carries on its business. Your commercial office along with warehouses will be considered to be places of business.

The Goods and Services Tax (GST) is a tax reform that aims to eliminate India’s major indirect taxes – VAT, Excise and Service Tax. However, the GST laws mandate that all registered persons who are under GST, must maintain accounts and GST records in a particular manner.

Below you’ll find the list of services that will walk you through the need for the service, the eligibility, documentation procedure and benefits. Our experienced team members are there to guide you and complete the process at ease.

The record-keeping requirements are explained in the Section 35 of the GST Act. In addition to that , in April 2017 central government released the draft rules for GST records and accounts  (draft record rules), which lists the additional GST record-keeping and accounting requirements.

Get Online GST Registration

Place of Business 

Under the GST, “place of business” includes the following:

  • A place from where the business is normally carried out. It could be godown, a warehouse or any place where taxable person stores the goods, receives or supplies  services or goods or both, or
  • A place where the books of accounts are  maintained or
  • A place where a person who pays tax is engaged in business through an agent or whatever name called.

Under the GST, certain documents are required to be maintained by all registered taxpayers at their place of business.

GST Records & Documents to be maintained:

Under the GST, all the registered taxpayers are required to maintain the following records and accounts at their place of business.

  • The details of manufacture or  production of goods;
  • The details of  the inward and outward supply of services or  goods or both
  • Stock of goods
  • The input tax credit availed;
  • The output tax payable and paid;
  • And any other particulars as may be agreed.

In case there is more than one place of business, then accounts relating to each of these places of business must be kept at that place. Records and accounts under the GST can be maintained in both electronic or the book format

Mandatory Documents Maintenance Required

Transporters, operators or owners of godown, ware house  or any other place which is used for the  storage of goods that  are required to maintain records of the consigner,  the consignee and the  other details of the goods transported / held by them, whether the person is registered or not.

How long Accounts have to be maintained under the GST?

 It is mandatory for all the registered taxpayers to maintain the book of records and accounts for a period of 6 years from due date of the filing of the annual returns for the year. If the taxpayer is involved in an appeal of  the revision or any other proceeding before  any Revision Authority or Appellate Authority or  the Appellate tribunal or court, then all  the accounts and  the books must be maintained for a period of one year after the  final disposal of such an appeal  or proceedings or revision or for 6 years ,whichever is later.

The rules of GST state that all businesses must maintain their book of accounts and other relevant records even after filing their monthly or annual returns. You must keep them available for a minimum of 6 years after filing the annual returns. The authorities may require it later.

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A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.