Top 5 Books of Accounts to be Maintained in GST !


According to section 35 of CGST ACT, the taxpayer needs to maintain a list of account records of outward and inwards supplies. Let us see various kinds of accounts and records, a taxpayer needs to maintain at his principal place of business. Here is the list of such Account books and records.

  1. Details of production or manfacured goods
  2. Inward and outward supply details of Goods or services or both.
  3. Stock ledger reports
  4. Input tax credit taken in GST returns and in account books
  5. Details of output tax payable and actually paid

These are the major types of records, a taxpayer needs to maintain in GST.

image for account books and records in gst

Accounts and Records of Multiple places of business

If the place of businesses is more than one, then records of each business can be kept at such individual places. For eg., there can be more than one place of business under one GST certificate. Therefore, separate records may be maintained for such additional places of business.

Electronic form of Records

A taxpayer may maintain the electronic form of records as per section 35 of CGST ACT 2017. However, a log of every entry edited or deleted shall be maintained, if records are kept in electronic form. Also, the taxpayer shall keep the proper electronic backup of records. It has to be preserved in such a manner that, in the event of the destruction of such records due to accidents or natural causes, the information can be restored within a reasonable period of time.

Further, the taxpayer shall be able to provide the details of electronic files, passwords, and explanation for codes used, to the department on demand.

How to maintain the records in GST?

As per Chapter VII of CGST Rules, the taxpayer needs to maintain the records in the below forms.

  1. Taxable invoices
  2. Bill of supplies
  3. Delivery challans
  4. credit and debit notes
  5. Receipt and payment vouchers
  6. Account of advances received and paid
  7. Master of suppliers and customers
  8. Address of storage godowns

What is the period of retention of accounts under GST?

According to Section 36 of CGST ACT, the taxpayer shall retain the records for 72 months. The period of 72 months starts from the date of filing the Annual GST return of that particular period. However, if any appeal or matter is pending in the court, a taxpayer shall keep such records till 1 year after finishing such matters. Therefore, a taxpayer shall keep the records for a minimum of 6 years, if no matter is pending.

Similar Links on Records

CGST Section 35 in GST

CGST section 35 deals in accounts and record maintenance in GST. Read to know more about section 35

Rules for accounts in GST with chapter VII

Read to know how to keep records in GST. These rules explain how the taxpayer can keep the records in electronic form and hard copies. Learn more about Chapter VII of GST.

GST Audit and Verification of Records

Learn about GST audit and the verification of records are carried out in GST. Similarly, explore the checklist of GST Audit.

What are the contents of tax invoice?

Know the various contents of GST invoices. Also, know the rules of preparing a GST invoice like serial numbers, place of supply, etc. Learn more about GST Invoice.

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