Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Maintaining books of accounts

Only Fun Time (22 Points)

18 April 2021

it is mendatory in gst to maintain books of accounts or it is only in income tax.

Reply
Follow
Share

3 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 18 April 2021

Maintain books of accounts when income exceeds certain exemption limit in income tax.

As per the GST Act, every registered taxable person must maintain the accounts books and records for at least 72 months (6 years)

Upgrade to CAclubindia Pro. Subscribe Now!

RENU SHARMA (1388 Points)
Replied 18 April 2021

You need to maintain books of accounts for 72 months after the due date of annual return of such financial year as per section 35 of cgst Act

1 Like

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 18 April 2021

Yes it's mandatory.
In term of Section 35 of CGST need to keep & maintain accounts.
And in term of Rule 56 of CGST Act , need maintain accounts of stock & all the documents cover under chapter VII