Section Section 35 i.e.Accounts and Other Records under GST

Financial Year: 2017

SECTION 35 OF CGST ACT

Accounts and Other Records

 

 

 

(1)  Every registered person shall keep and maintain,

    at his principal place of business, as mentioned in the certificate of registration,

    a true and correct account of—

 

    (a)  production or manufacture of goods;

    (b)  inward and outward supply of goods or services or both;

    (c)  stock of goods;

    (d)  input tax credit availed;

    (e)  output tax payable and paid; and

    (f)   such other particulars as may be prescribed:

 

 

   Provided that where more than one place of business is specified in the certificate of registration,

   the accounts relating to each place of business shall

   be kept at such places of business:

 

 

   Provided further that the registered person may

   keep and maintain such accounts and other particulars

   in electronic form in such manner as may be prescribed.

 

(2)  Every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter,

  irrespective of whether he is a registered person or not,

  shall maintain records of the consigner, consignee and other relevant details of the goods in such manner as may be              prescribed.

 

(3)  The Commissioner may notify a class of taxable persons

    to maintain additional accounts or documents

    for such purpose as may be specified therein.

 

 

(4)   Where the Commissioner considers that

     any class of taxable person is not in a position to keep and maintain accounts

     in accordance with the provisions of this section, he may,

for reasons to be recorded in writing, permit such class of taxable persons

to maintain accounts in such manner as may be prescribed.

 

(5)   Every registered person

    whose turnover during a financial year

    exceeds the CHAPTER VIII ACCOUNTS AND RECORDS 66 prescribed limit shall get his accounts audited by a Chartered            Accountant 

    or a cost accountant and shall submit a copy of the audited annual accounts,

    the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as            may  be prescribed:  

 

      Provided that nothing contained in this sub-section shall apply to any department of the Central Government or a State             Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of Indiaor an auditor appointed for auditing the accounts of local authorities under any law for the time being in force.

 

Omitted by Finance Act 2021

 

(6)  Subject to the provisions of clause (h) of sub-section (5) of section 17,

       where the registered person fails to account for the goods or services or both in accordance with the provisions of sub-                 section (1),

       the proper officer shall determine the amount of tax payable

       on the goods or services or both that are not accounted for,

       as if such goods or services or both had been supplied by such person and

       the provisions of section 73 or section 74,as the case may be, shall,

       mutatis mutandis, apply for determination of such tax.

 

    Thanks and regards

    CA Rahul Gupta

    RVG & CO Chartered Accountants