THE CENTRAL GOODS AND SERVICES TAX ACT,
2017
ACCOUNTS AND RECORDS
Section 35: Accounts and other records.
(Relevant Rules 56 to 58)
(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 persons 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.
[helldod
2 omit[(5) Every registered person whose turnover during a financial year exceeds the
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.
1[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 India or
an auditor appointed for auditing the accounts of local authorities under any
law for the time being in force.]]helldod]
(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.
1.Inserted
Vide:
Section 16 of CGST Amendment Act 2018 vide Notification
No. 02/2019 – Central Tax (w.e.f. 01.02.2019)