CA Yash Shah
Quick Summary
Introduction In any tax law, there would be an enhanced focus on the various accounts, records, and documents to be maintained so that there exists an appropriate trail of transactions undertaken by the assessee, which are maintained properly. As an important requirement under GST Audit, there wa
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FAQ :
Registered persons must maintain true and correct accounts of production or manufacture of goods, inward and outward supply of goods or services, stock of goods, input tax credit availed, and output tax payable and paid. They also need to maintain records for works contracts and for goods handled as a carrier or clearing and forwarding agent.
Required documents include Tax Invoices, Bills of Supply, Receipt Vouchers, Refund Vouchers, Self Invoices, Payment Vouchers, Debit/Credit Notes, Delivery Challans, and E-Way Bills. E-invoicing provisions also need to be complied with.
Accounts and documents, along with related invoices, bills of supply, credit and debit notes, and delivery challans, must be preserved until the expiry of seventy-two months from the due date of furnishing the annual return for the relevant period.
Failure to comply with GST record-keeping provisions can lead to penalties, which may extend up to INR 25,000. However, penalties may not be levied for minor breaches or rectifiable omissions made without fraudulent intent.
Yes, GST records can be maintained in electronic form, provided they are backed up, preserved, and accessible for subsequent reference. This is legally recognised under the Information Technology Act, 2000.
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