GST Accounts and Records
According to GST law, every registered person is bound to maintain certain books of accounts and other
records. The following are the important provisions in the Act and rules relating to the accounts and
records.
Accounts to be Maintained by a Registered Person [Sec. 35]
Every registered person should keep and maintain the prescribed books of accounts and
records at his principal place of business mentioned in the certificate of registration. In the case of a
person having more than one place of business as per the certificate of registration, the accounts
relating to each place of business shall be kept at such places of business. The registered person may
keep and maintain the accounts and other particulars in electronic form, in the prescribed manner.
The accounts and records should depict a true and correct details of the following.
1. Production or manufacture of goods;
2. Inward and outward supplies of goods or services or both;
3. stock of goods;
4 Input tax credit availed;
5 Output tax payable and paid; and
6 Such other particulars as may be prescribed.
Every owner or operator of warehouse or godown or any other place used for storage of goods, is liable
to maintain records relating to the consigner, consignee and other relevant details of the goods in such
manner as may be prescribed. Similarly, every transporter, irrespective of whether he is a registered
person or not, is liable to maintain records relating to the consigner, consignee and other relevant
details of the goods transported, in the prescribed manner.
In specified cases, a taxable person is required to maintain additional accounts or documents as
the Commissioner may notify in this respect.
Where the Commissioner considers that the taxable person is not in a position to keep and maintain
accounts as insisted in the law, he may permit such class of taxable persons to maintain accounts in any
other manner as may be prescribed. The reasons for such permission has to be recorded in writing.
Every registered person whose turnover during a financial year exceeds the prescribed limit of two crore
rupees shall get the accounts and other records audited by a chartered accountant or a cost accountant.
