GST Records
What records must be maintained under GST
Every registered person must maintain records of
- Manufacture or manufacture of goods & Inward & outward supply of goods or services or both.
- A stock of goods and Input tax credit availed & output tax payable and paid and other particulars as may be prescribed.
Result of Not Maintaining Proper Records:
If a taxpayer is not maintaining proper records of goods/services, then the officer shall treat such unaccounted goods/services as if the taxpayer had supplied them and the officer will be deterging the tax liability on such unaccounted goods. The taxpayer will have to pay the tax accountability calculated along withpenalty.
Why a taxpayer must keep records $ accounts for GST
One must keep records & accounts for Goods and Service Tax so that one can work out the tax you owe and /or can reclaim and fill in your quarterly GST return and make sure you are paying the right amount of GST at the right time. Most accounting systems include Value Added Tax (VAT) functions that can be customized to meet the requirements of GST and if anyone needs any guidance on the GST requirements for the accounting system, can click here.
Retaining your records
One must keep their GST records for 6 years after the period they relate to and if someone does not face penalties. If a taxpayers records are lost than one must write to us immediately, giving full details of how it happened. Our company is ready to help 24*7. For more information just click
Maintain accounts & records under the GST
The ledger (electronic) will be maintained on the portal for cash payments and can pay into it by internet banking, NEFT, RTGS or credit/debit card. Electronic ledger will also be maintained for an input tax credit.
Other records can be maintained offline in the format of ones choice, electronic or manual and under section 35 of the central Goods and Service Tax (CGST) Act 2017, a registered person must, at the place of business mentioned in the certificate of registration, maintain a true and correct account of
(a) Production or manufacture of goods
(b) Inward and outward supply of goods and/or services
(c) The stock of goods
(d) Input tax credit availed
(e) Output tax payable and paid and any other particulars that rules that may be issued may require.
The records have to be retained for 6 years after the filing of annual return for an FY and GSTcollections scaled record high of Rs 1.06 trillion in March and it is up from almost Rs 97,247 Crore in the previous month, as compliance improved amid an increased number of returns filed.
Till March 2019 the total grossGSTrevenue collected around Rs 1,06,577 Crore of which CentralGSTis Rs 20,353 Crore, State GST is Rs 27,520 Crore, Integrated GST is Rs 50,418 Crore and cess is Rs 8,286 Crore," an official statement said. The total number of summary sales return GSTR-3B filed for the month of February up to March 31 stood at 7.59 million.
In the History GST collection of this tax in March 2019 has been highest and also reflects around 15.6% growths over March 2018 collection of Rs 92,167 Crore (Approx.).
A monthly average ofGST revenueduring 2018-19, stood at Rs 98,114 Crore which is 9.2 percent higher than the previous fiscal. These figures have shown that the revenue growth has been picking up in recent months, despite various rate rationalization measures. The government has lowered theGST collectiontarget for 2018-19 fiscal to Rs 11.47 trillion in the revised estimates, from Rs 13.71 trillion budgeted initially.
Editor
Apr 16, 2019
