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In this article, we will explain the accounts/ records which are to be maintained by businesses under the GST law.
Account/Records | Information Required | By Whom? |
Register of Goods Produced | Account shoud contain detail of goods manufactured in a factory or production house | Every assessee carrying out manufacturing activity |
Purchase Register | All the purchases made within a tax period for manufacturing of goods or provision of services | All Assessee |
Sales Register | Account of all the sales made within a tax period must be maintained | All Assessee |
Stock Register | This register should contain a correct stock of inventory available at any given point of time | All Assessee |
Input Tax Credit Availed | This register should maintain the details of Input Tax Credit availed for a given tax period | All Assessee |
Output Tax Liability | This register should maintain the details of GST liability outstanding to be adjusted against input credit or paid out directly | All Assessee |
Output Tax Paid | This register should maintain the details of GST paid for a particular tax period | All Assessee |
Other Records Specified | Government can further specify by way of a notification, additional records and accounts to be maintained | Specific Businesses as notified by the government |