Maintenance of Accounts and Consequences of Not Maintaining Accounts Under GST Law

Abstract

The Goods and Service Tax Act, 2017 (“The Actâ€) has mandated to keep accounts and records by every registered person. The compliance verification like scrutiny of returns, audit or documentary checks is done by the tax authorities on the basis of accounting records. The Act is prescribed a list of accounts, records and other relevant documents which are to be maintained by the business entities. The Act is also emphasised the period for preserve and retain the accounting records. The article has elaborated the relevant provisions for maintaining accounts and on the other hand, the consequences are also discussed when the accounts are not maintained as per the provisions of GST Laws.