Accounts To Be Maintained Under Goods and Services Tax Law
Updated on: Jun 29th, 2021
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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 |
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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