Complete GST lifecycle on one platform Complete GST lifecycle on one platform
Hyper-automation Hyper-automation
Smart reports & recon Smart reports & recon
Accurate filing Accurate filing

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
inline CTA
India’s Fastest and Most Advanced 2B Matching
Maximise ITC claims, use smart validations to correct your data and complete 2B matching in <1 minute

Public Discussion

Get involved!

Share your thoughts!

summary-logo

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?

Was this summary helpful?
liked-feedbackliked-feedback

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.

Company PolicyTerms of use

ISO

ISO 27001

Data Center

SSL

SSL Certified Site

128-bit encryption