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Maintenance of Records as per GST

With the advent of GST, this will not only lead to major changes in the indirect tax regime, but also have a huge impact on the Entity’s business operations. Following are the records that the registered entities shall require to maintain under GST:

Account/Records Information Required By Whom?
Register of Goods Produced Account should contain detail of goods manufactured in a factory or production house Every assessee carrying out manufacturing activity
Purchase Register All the purchases made within a tax period for manufacturing of goods or provision of services All Assessees
Sales Register Account of all the sales made within a tax period must be maintained All Assessees
Stock Register This register should contain a correct stock of inventory available at any given point of time All Assessees
Input Tax Credit Availed This register should maintain the details of Input Tax Credit availed for a given tax period All Assessees
Output Tax Liability This register should maintain the details of GST liability outstanding to be adjusted against input credit or paid out directly All Assessees
Output Tax Paid This register should maintain the details of GST paid for a particular tax period All Assessees
Other Records Specified Government can further specify by way of a notification, additional records and accounts to be maintained Specific Businesses as notified by the government

We shall be providing following management consultancy services, which will help the clients to streamline its business, thus leading to higher efficiency and better compliance with new GST rules and guidelines.

  • Advising clients about the requisite changes to be made in their accounting systems, in order to maintain proper accounting records.
  • Helping clients maintain proper tax records and registers required to be maintained as per GST rules, issued in this regard.
  • Providing clients with the updated invoice performa as per the new requirement of GST.
  • Providing training sessions to Company’s employees to make them aware about the new GST guidelines and suggesting changes. Leading to improved efficiency on their part.


    Current year

    Previous year

    Current year

    Expected turnover


    Receipt of all the copy of invoices and other documents from clients

    Review of the documents and other relevant details in lieu of The GST Act

    Preparation of the records and computation of monthly/ quarterly GST liability

    Providing the challans and the other records to the client for their review.


    1. Are business processes and compliance requirement same in the IGST and CGST Acts?

    – The procedure and compliance requirement are same for processes likes registration, return filing and payment of tax. Further, the IGST act borrows the provisions from the CGST Act as relating to assessment, audit, valuation, time of supply, invoice, accounts, records, adjudication, appeal etc.

    2. Who all are required to maintain the said records?

    – All the persons registered under the provisions of the GST shall be required to maintain such records.

    3. What should be the mode of maintenance of such records?

    – Such records can be maintained both physically as well as in soft. It is at the sole discretion of the assessee. However, it is always favourable to maintain the records in soft as it is easy to maintain.

    4. What is the need of maintenance of such records?

    – Statutory compliance;

    – Data filled in such records will be used for filing of returns;

    – Acts as backup of the transactions undertaken;

    – Such details will be called for by the AO at the time of Audit or Assessment.

    5. What is punishment for non-maintenance of such records?

    – An imprisonment extending to 6 months can be conferred on the assessee in case of maintenance of false records and in case of tampered records./p>


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