Section 35 of CGST Act,2017 - Accounts and other records

Section 35 of CGST Act,2017 - Accounts and other records

Section 35 of CGST Act,2017 from bare act : - (1) Every registered person shall keep and maintain, at his principal place of business,as mentioned in the certificate of registration, a true and correct account of

(a) production or manufacture of goods;

(b) inward and outward supply of goods or services or both;

(c) stock of goods;

(d) input tax credit availed;

(e) output tax payable and paid; and

(f) such other particulars as may be prescribed:

Provided that where more than one place of business is specified in the certificate ofregistration, the accounts relating to each place of business shall be kept at such places ofbusiness:

Provided further that the registered person may keep and maintain such accounts andother particulars in electronic form in such manner as may be prescribed.

(2) Every owner or operator of warehouse or godown or any other place used forstorage of goods and every transporter, irrespective of whether he is a registered person ornot, shall maintain records of the consignor, consignee and other relevant details of thegoods in such manner as may be prescribed. (3) The Commissioner may notify a class of taxable persons to maintain additionalaccounts or documents for such purpose as may be specified therein. (4) Where the Commissioner considers that any class of taxable person is not in aposition to keep and maintain accounts in accordance with the provisions of this section, hemay, for reasons to be recorded in writing, permit such class of taxable persons to maintainaccounts in such manner as may be prescribed. (5) Every registered person whose turnover during a financial year exceeds theprescribed limit shall get his accounts audited by a chartered accountant or a cost accountantand shall submit a copy of the audited annual accounts, the reconciliation statement undersub-section (2) of section 44 and such other documents in such form and manner as may beprescribed. (6) Subject to the provisions of clause (h) of sub-section (5) of section 17, wherethe registered person fails to account for the goods or services or both in accordancewith the provisions of sub-section (1), the proper officer shall determine the amount oftax payable on the goods or services or both that are not accounted for, as if such goodsor services or both had been supplied by such person and the provisions of section 73or section 74, as the case may be, shall, mutatis mutandis, apply for determination ofsuch tax.

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CHAPTER VIII

ACCOUNTS AND RECORDS

Chapter VIII of the CGST Act,2017 covers two sections relating to ACCOUNTS & RECORDSunder GST. Both thesections from the CGST Act,2017 are available for your ready reference. Section 35 :Accounts and other records Section 36 :Period of retention of accounts

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