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of <h1>Registered Businesses Must Maintain Detailed GST Records Per Punjab GST Act 2017; Non-Compliance May Lead to Tax Assessments.</h1> Under the Punjab Goods and Services Tax Act, 2017, every registered person must maintain accurate accounts at their principal place of business, covering production, supply, stock, input tax credit, output tax, and other prescribed details. If multiple business locations exist, records must be kept at each site and may be maintained electronically. Warehouse operators and transporters must also keep detailed records. The Commissioner can mandate additional records or allow alternative accounting methods. Businesses exceeding a turnover threshold must undergo an audit by a chartered or cost accountant. Non-compliance in accounting can lead to tax assessments as if unaccounted goods or services were supplied.
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