Section 35 – Accounts and other records of CGST ACT, 2017<\/p>\n
35. (1) Every registered person shall keep and maintain, at his principal place of business,
\nas mentioned in the certificate of registration, a true and correct account of\u2014
\n(a) production or manufacture of goods;
\n(b) inward and outward supply of goods or services or both;
\n(c) stock of goods;
\n(d) input tax credit availed;
\n(e) output tax payable and paid; and
\n(f) such other particulars as may be prescribed:
\nProvided that where more than one place of business is specified in the certificate of
\nregistration, the accounts relating to each place of business shall be kept at such places of
\nbusiness:
\nProvided further that the registered person may keep and maintain such accounts and
\nother particulars in electronic form in such manner as may be prescribed.
\n(2) Every owner or operator of warehouse or godown or any other place used for
\nstorage of goods and every transporter, irrespective of whether he is a registered person or
\nnot, shall maintain records of the consigner, consignee and other relevant details of the
\ngoods in such manner as may be prescribed.
\n(3) The Commissioner may notify a class of taxable persons to maintain additional
\naccounts or documents for such purpose as may be specified therein.
\n(4) Where the Commissioner considers that any class of taxable person is not in a
\nposition to keep and maintain accounts in accordance with the provisions of this section, he
\nmay, for reasons to be recorded in writing, permit such class of taxable persons to maintain
\naccounts in such manner as may be prescribed.
\n(5) Every registered person whose turnover during a financial year exceeds the
\nprescribed limit shall get his accounts audited by a chartered accountant or a cost accountantand shall submit a copy of the audited annual accounts, the reconciliation statement under
\nsub-section (2) of section 44 and such other documents in such form and manner as may be
\nprescribed.
\n(6) Subject to the provisions of clause (h) of sub-section (5) of section 17, where
\nthe registered person fails to account for the goods or services or both in accordance
\nwith the provisions of sub-section (1), the proper officer shall determine the amount of
\ntax payable on the goods or services or both that are not accounted for, as if such goods
\nor services or both had been supplied by such person and the provisions of section 73
\nor section 74, as the case may be, shall, mutatis mutandis, apply for determination of
\nsuch tax.<\/p>\n","protected":false},"excerpt":{"rendered":"
Section 35 – Accounts and other records of CGST ACT, 2017 35. (1) Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of\u2014 (a) production or manufacture of goods; (b) inward and outward supply of goods or services or … Continue reading “Section 35 – Accounts and other records of CGST ACT, 2017”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/193"}],"collection":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=193"}],"version-history":[{"count":1,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/193\/revisions"}],"predecessor-version":[{"id":194,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/193\/revisions\/194"}],"wp:attachment":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}