CHAPTER VIII: ACCOUNTS AND RECORDS
Section 35 – Accounts and other records
- Registered persons must maintain true and correct accounts at principal place of business, including:
- Production/manufacture
- Inward/outward supply
- Stock of goods
- Input tax credit availed
- Output tax payable/paid
- Other prescribed particulars
- Multiple places of business: Accounts maintained at each location
- Electronic records allowed as per rules
- Warehouse/Transporters: Must maintain records of consignor, consignee, and other details
- Commissioner may require additional records for certain classes of persons
- Failure to maintain records: Proper officer can determine tax payable as if unaccounted goods/services were supplied
Note: Sub-section (5) relating to audit and submission of annual accounts was omitted in 2021.
Section 36 – Period of retention
- Accounts and records must be retained for 72 months (6 years) from due date of furnishing annual return.
- In case of appeals, investigations, or legal proceedings, records must be retained for 1 year after final disposalor 72 months, whichever is later.