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

Authors

  • K. Nagarajan Practising Cost Accountant, Namakkal

DOI:

https://doi.org/10.33516/maj.v56i7.30-32p

Keywords:

No Keywords.

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.

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Published

2021-07-31

How to Cite

Nagarajan, K. (2021). Maintenance of Accounts and Consequences of Not Maintaining Accounts Under GST Law. The Management Accountant Journal, 56(7), 30–32. https://doi.org/10.33516/maj.v56i7.30-32p

Issue

Section

Cover Story

References

Handbook on Accounts and Records under GST published by the Institute of Chartered Accountants of India, New Delhi, 2020.

The Central Goods and Services Tax Act, 2017

The Central Goods and Services Tax Rules, 2017

cbic-gst.gov.in

http://gstcouncil.gov.in

www.cbic.gov.in

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