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Accounts To Be Maintained Under Goods and Services Tax Law

Updated on: Jun 29th, 2021


3 min read

In this article, we will explain the accounts/ records which are to be maintained by businesses under the GST law.

Account/RecordsInformation RequiredBy Whom?
Register of Goods ProducedAccount shoud contain detail of goods manufactured in a factory or production houseEvery assessee carrying out manufacturing activity
Purchase RegisterAll the purchases made within a tax period for manufacturing of goods or provision of servicesAll Assessee
Sales RegisterAccount of all the sales made within a tax period must be maintainedAll Assessee
Stock RegisterThis register should contain a correct stock of inventory available at any given point of timeAll Assessee
Input Tax Credit AvailedThis register should maintain the details of Input Tax Credit availed for a given tax periodAll Assessee
Output Tax Liability This register should maintain the details of GST liability outstanding to be adjusted against input credit or paid out directlyAll Assessee
Output Tax PaidThis register should maintain the details of GST paid for a particular tax periodAll Assessee
Other Records SpecifiedGovernment can further specify by way of a notification, additional records and accounts to be maintainedSpecific Businesses as notified by the government
accounts & records
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Quick Summary

The article explains the accounts and records businesses must maintain under GST law like Register of Goods Produced, Purchase Register, Sales Register, Stock Register, Input Tax Credit Availed, Output Tax Liability, Output Tax Paid, and Other Records Specified. Government can specify additional records. Question1: What are the key registers under GST? Question2: Who should maintain the Stock Register? Question3: Can government specify additional records?

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