Maintenance of Accounts and Records under GST Regime
Maintenance of Accounts and Records under GST Regime Goods and service tax Accounts and Records under GST – In recent times, Government has enhanced its vigilance to curb the menace of excess claim of ITC or fake invoicing. Department has stepped up investigation against such activities and in many cases genuine taxpayers also face the heat of notices for reversal of Input Tax Credit or payment of tax for fake invoicing. During detailed investigation the taxpayer at time fail to furnish proper documents or records which is required to be maintained as per GST provisions and hence they engage in protracted litigation resulting in further agony and imposition of penalty. GST Law prescribes detailed procedure for maintenance of books of accounts and records for goods or services or both. In the note below we have covered all such provisions for the ease of taxpayers. “Document” as defined under CGST RULE 2017, to include written or printed record of any sort and electr
