GST accounts and records obligations require true bookkeeping, prescribed records, and tax determination for unaccounted goods or services. Registered persons under GST must maintain true and correct accounts of production, supplies, stock, input tax credit, output tax and other prescribed particulars at the principal place of business, with separate records for each place of business where applicable. Warehouses, godowns and transporters must keep prescribed records of consignor, consignee and related details. The Commissioner may require additional accounts or permit alternative accounting methods for specified classes of taxable persons. If goods or services are not accounted for properly, tax is determined as if they were supplied by the person, subject to the relevant input tax credit restriction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST accounts and records obligations require true bookkeeping, prescribed records, and tax determination for unaccounted goods or services.
Registered persons under GST must maintain true and correct accounts of production, supplies, stock, input tax credit, output tax and other prescribed particulars at the principal place of business, with separate records for each place of business where applicable. Warehouses, godowns and transporters must keep prescribed records of consignor, consignee and related details. The Commissioner may require additional accounts or permit alternative accounting methods for specified classes of taxable persons. If goods or services are not accounted for properly, tax is determined as if they were supplied by the person, subject to the relevant input tax credit restriction.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
