GST Accounts & Records – Provisions, Place of Maintenance, list of Books


GST Accounts & Records: Introduction of GST as a new indirect taxation regime would be advantageous to the entire community including citizens, Government as well as the trade bodies. With the implementation of GST, the tax system would become much simpler due to the elimination of cascading effect and transparency in taxation system, resulting in almost uniform prices across the country. GST would herald an era of cooperative federalism and would bring efficiency and transparency in tax administration. Now check more details about “GST Accounts & Records” from below…

GST Accounts & Records

Applicable Provisions

  • Section 35 and 36 of the CGST Act
  • Draft Accounts & Records Rules as notified on April 19, 2017.

Applicable on

  • All registered persons.
  • Unregistered persons being owner or operator of warehouse/godown/any other place used for storage of goods.

Specified Books of Accounts

  • Inward/Outward supply of goods and/or services
  • Names & complete addresses of the inward/outward suppliers
  • Stock of goods wrt each commodity received/ supplied
  • Particulars of good lost, stolen, destroyed, written off or disposed of by way of gift or free samples
  • Stock of scrap and wastage.
  • Input tax credit availed
  • Output tax payable and paid
  • Goods or services imported or exported
  • Supplies attracting tax on reverse charge
  • Advances received and paid and adjustments relating thereto

The aforesaid accounts shall be maintained separately for every activity undertaken such as manufacturing, trading, provisions of service etc

The Commissioner or Chief Commissioner may add more records to be maintained.

Further owner or operator of a place of storage of goods, to maintain –

  • Details of consignor, consignee
  • Other prescribed details such as receipt, movement and disposal of goods.

The stock of goods to be maintained in such a manner as identifiable item-wise and owner wise.

If not registered to submit details of business in Form GST ENR-01 for deeming regn. under these rules.

Relevant Documents

The taxpayer should keep and maintain all the important documents including

  • Invoices
  • Bills of supply and delivery challans,
  • Credit and Debit notes,
  • Receipt and payment vouchers,
  • Refund vouchers and
  • E-way bills.

Place of Maintenance

  • At the principal place of business as specified in registration certificate.
  • If multiple places of business specified in the certificate of GST registration, then   to be kept at the related business places.

Maintenance of Records in Electronic Form

  • Allowed to maintain accounts in electronic form in manner to be prescribed
  • Proper backup of electronic records to be kept.
  • On demand produce duly authenticated  copies of records stored electronically as hard copy or in electronically readable format

How to Rectify Incorrect Entries in Accounts

  • No entries to be erased effaced or overwritten. 
  • Incorrect entries to be scored out under attestation and thereafter correct entry be recorded.
  • Log of every entry edited or deleted to be kept where  electronic records maintained.

Additional accounts required to be maintained by the following class of suppliers:-


Monthly production accounts with quantitative details-

  • Raw materials or services used in the manufacture of goods manufactured including  waste & by products thereof.
  • (Similar to excise records maintained under the current regime.)

Service Provider

Accounts showing the

  • Quantitative details of goods used in the provision of each service
  • Details of input services utilised and the services supplied.


On behalf of each Principal the following particulars need to be maintained in respect of goods & services received or supplied

  • Authorization received.
  • Description, Value & Qty of goods/services received on behalf of principal and tax paid on supply thereof.
  • Details of accounts furnished to principal

Works Contractor

For each works contract received

  • The names & addresses of the contractee.
  • Details of payment received
  • Description, Value & Qty received/utilized of  goods/services for each works contract
  • The names & addresses of suppliers from whom received.
  • Payments made wrt each works contract.

Requirement of Audit – If turnover > Rs.2 Crore

  • By Chartered/Cost Accountant.
  • Copy of audited annual accounts and reconciliation statement to be submitted in form GSTR 9B while filing the annual return in Form GSTR-9.
  • In Reconciliation statement,  Chartered Accountant to  certify that  values declared in GST return reconciles with the audited accounts.

Period of Retention

  • Seventy-two months (6 Years) from the last date of filing of Annual Return for the relevant year.
  • Records being subject matter of litigation to be retained
    • 1 year from the date of final disposal of proceeding, or
    • until the expiry of 6 years from the due date of the annual return.

On our website we have provided all the details of GST Act 2017. We hope that our article will be helpful for you to understand the GST Act 2017.


Check Also:

Rajasthan GST Act 2017, Rajasthan Goods and Service Tax Act 2017

GST Notifications, Circulars, Orders, Updates, Latest News 2017




Please enter your comment!
Please enter your name here