Accounting for GST | GST India
The implementation of GST will have initial transition challenges, GST will bring in much clarity in many areas of business – accounting and bookkeeping. The number of accounts is much more apparently under GST. One of the biggest advantages a trader will have is that he can set off his input tax on service with his output tax on sale.
Section 53. Accounts and other records
Every registered taxable person must keep and maintain, at his principal place of business, as per the certificate of registration, a true and correct account of production or manufacture of goods, of inward or outward supply of goods and/or services, of stock of goods, of input tax credit availed, of output tax payable and paid, and such other particulars as may be prescribed in this behalf:
But the above holds true only if,
- More than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business concerned:
- Registered taxable person may keep and maintain such accounts and other particulars in the electronic form in the manner as may be prescribed.