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GST-Goods and Service Tax - 206. page

Goods and Services Tax Act – GST Law

Introduction of retention of accounts

Introduction of retention of accounts This section provides for the period up to which records and accounts must be retained by the registered person.

Period of retention of accounts analysis

Period of retention of accounts analysis (i) Every registered person is required to mandatorily retain the books of accounts and other records until the expiry of 72 months (6 years) […]

Comparative Review

Comparative Review  Rule 5(3) of Service Tax Rules, 1994 provides that all records shall be preserved for a period of five years immediately after the financial year to which […]

Analysis 

 Analysis  (i) The importance of maintenance of books and records need no emphasis. It is presumed that all business entities would be aware of the nature of books and records […]

Comparative Review

Comparative Review  Maintenance of records has been prescribed under the Central Excise, Service Tax and State VAT laws. The provisions are briefly discussed below: Service tax records  Rule 5(1) […]

Issues and concerns

Issues and concerns 1. Multiple books of account for the same entity: While the accounts of a person are required to be maintained for the entire business concern (i.e., PAN-wise), […]

Period of retention of accounts

Period of retention of accounts Every registered person required to keep and maintain books of account or other records in accordance with the provisions of sub-section (1) of section 35 […]