GST or Goods and Services Tax is fixed to alter the path business is run in India by accompanying in a roundabout tax system that is fully technology dependent. In the new GST rule, businesses are needed to keep different accounts and records for prepared authentication by an authorized GST power. In this post, we will look at the GST records and accounts to be managed by all businesses running in India.
As per Section 35 of the GST Act, all taxable individuals in GST are needed to manage the next records at their main position of business:
* Production or manufacturing of products;
* Outward and inward supply of goods or services or both;
* Accumulation of goods;
* Input tax credit attained;
* Output tax allocated and remunerated; and
* Different particulars as may be fixed.
Accounts managed by a taxable individual in GST jointly with all bills of supply, invoices, credit and debit notes, and delivery challans related to deliveries, stocks, inward and outward supply should be kept for the time of six years from the date of providing GST yearly return.
As per the GST Accounting and Records Rules, if any taxable products are found to be accumulated at any place apart from those affirmed by the taxpayer in his or her accounts or records, without any additional evidence or suitable documents; then, the officer would be authorized to charge tax, because if these goods have been provided by the listed person.