|
Accounts To Be Maintained Under Goods and Services Tax Law
Updated on: Jan 27th, 2025
|
1 min read
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 |
Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.
Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.
Cleartax is a product by Defmacro Software Pvt. Ltd.
ISO 27001
Data Center
SSL Certified Site
128-bit encryption