Accounts To Be Maintained Under Goods and Services Tax Law

Updated on: Jun 29, 2021 - 02:03:04 PM

08 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

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

Hide →

CONTENTS