Accounts and Records under GST

By | October 24, 2016
(Last Updated On: October 24, 2016)


Accounts and Records under GST

Books accounts records gst

Who to maintain Accounts and Records under GST

The every person who get himself registered under Model GST Law [ section 42 of Model GST Law]

What to maintain in Accounts and Records under GST

 True and Correct Account of

I. Production or manufacture of Goods

II. inward or outward supply of goods and/or services

III. stock of goods

IV. input tax credit availed

V. output tax payable and paid

VI. such other particulars as may be prescribed

The above list of records are not exhaustive, the commissioner or Chief Commissioner may add some more records to be maintained.

Where to maintain in Accounts and Records under GST

This records shall be kept at place of business

But if Registered Person (RP) has more than one place of business then accounts relates to each place of business shall be kept at same place of business only.

Example- A is registered under Delhi and having four place of business in Delhi itself. Then he will maintain accounts for all four such place at these place only.

How to maintain in Accounts and Records under GST

Such Account and Records shall be maintained in Electronically in the manner as may be prescribed. It means records shall be made in computer only. Manual book keeping is not allowed.


Those who may not keep records electronically , then they may approach to Commissioner or Chief Commissioner to permit them for to do so.He may, for reasons to be recorded in writing, permit such class of taxable persons to maintain accounts in such manner as may be prescribed

Audit of Accounts and Records under GST

Every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts   audited by Chartered or Cost Accountant. And submit Audit report at the time of filing of Annual Return by end of December next to closure of Financial Year under Section 30 of Model GST LawThe manner and other document to submit shall be prescribed

Period for which Accounts and Records under GST needs to be maintained 

The Records and Accounts as specified in section 42 shall be kept for the period of 60 month from the last date of filing of Annual Return (i.e Sept of following year.) [secton 43(1)]

However in case where any appeal/revision/ or any other proceeding made before appellate Authority /Tribunal of Court then the books of account and other records pertaining to the subject matter of such appeal or revision or proceeding shall be kept for a period of one year after final disposal of such appeal or revision or proceeding, or for the period specified under sub-section (1), whichever is later

Free Education Guide on Goods & Service Tax (GST)


Topic -GST



Model GST Law

Model GST Law


GST Overview

Goods and Services Tax (GST): An Overview

Integrated Goods & Service Tax (IGST) Act Overview

Meaning and Scope of Supply

Time of Supply

Place of Supply of Goods and Service under GST

Valuation in GST

Levy of GST & Exemption from Tax

Job Work under Goods & Service Tax (GST)

Electronic Commerce under Goods & Service Tax (GST)


Transition to GST

Transitional Provisions in Goods & Service Tax (GST)



GST Registration FAQ’s

GST Registration Process -Video

GST -Draft Registration Rules

GST -Draft Registration Formats



GST Draft Invoice Rules released by CBEC

GST Draft Invoice formats Released by CBEC


Input Tax Credit

Input Tax Credit under Goods & Service Tax (GST)

Concept of Input Service Distributor in Goods & Service Tax (GST)



GST Payment of Tax

GST Draft Payment Rules Released by CBEC

GST Draft Payment formats Released by CBEC



Refund under GST

Draft GST Refund Forms released by CBEC

Draft GST Refund Rules released by Govt



Returns Process and matching of Input Tax Credit under GST

Draft GST Return Rules Released by Govt

Draft GST Return Formats released by Govt


Assessment and Audit

Assessment and Audit under GST


Inspection, Search, Seizure and Arrest

Inspection, Search, Seizure and Arrest under GST


Offences, Penalty, Prosecution & Compounding

Offences, Penalty, Prosecution & Compounding in GST


Demands and Recovery

Demands and Recovery under GST


Appeals and Review

Appeals, Review and Revision in GST


Advance Ruling

Advance Ruling in Goods and Service Tax (GST)


Settlement Commission

Settlement Commission in Goods and Service Tax (GST)


GST Portal

Frontend Business Process on GST Portal

Direct Taxes Ready Reckoner
Service Tax Ready Reckoner
Company Law Ready Reckoner
tax deduction at source
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