In the context of Goods and Services Tax (GST), record-keeping is a critical aspect of compliance for businesses. Maintaining accurate and organized records ensures that businesses can calculate and report their GST liabilities correctly, claim input tax credits, and fulfil their GST-related obligations. Here are the key records that businesses are typically required to maintain under GST:

  1. GST Registration Certificate: Keep a copy of your GST registration certificate handy. This document contains your GSTIN (Goods and Services Tax Identification Number) and other registration details.
  2. Tax Invoices: Maintain copies of all tax invoices issued and received. These invoices serve as evidence of your sales and purchases and are crucial for claiming input tax credits. As discussed in the previous response, tax invoices should contain specific details.
  3. Credit and Debit Notes: Keep records of any credit notes and debit notes issued or received. These notes are used to adjust the value of a supply or correct errors in previously issued tax invoices.
  4. Receipt Vouchers: Maintain records of all receipt vouchers issued. These vouchers are used to record any advance payments received from customers.
  5. Payment Vouchers: Keep records of all payment vouchers issued for making payments to suppliers or other parties.
  6. Accounts and Ledgers: Maintain detailed accounts and ledgers for your business transactions. This includes sales accounts, purchase accounts, and various tax accounts (e.g., CGST, SGST, IGST, and cess accounts).
  7. GSTR-1: Prepare and maintain a monthly or quarterly summary of outward supplies in GSTR-1. This form contains details of your sales and is used to report your outward supplies to the tax authorities.
  8. GSTR-2A and GSTR-2B: Keep copies of GSTR-2A and GSTR-2B, which are auto-generated by the GST portal. These documents provide information about your inward supplies as reported by your suppliers.
  9. GSTR-3B: Maintain copies of GSTR-3B returns filed by your business. GSTR-3B is a monthly summary return that outlines your tax liabilities and input tax credits.
  10. Input Tax Credit Register: Maintain a detailed record of input tax credits (ITC) claimed on your purchases. This register should reconcile with your tax invoices and GSTR-2B.
  11. Annual Return (GSTR-9): Keep records of the annual return filed under GST, known as GSTR-9. This return provides a summary of your annual financial data and GST liabilities.
  12. Records of Export and Import: If your business is involved in international trade, maintain records of export and import transactions, including shipping bills, export invoices, and import invoices.
  13. Stock Registers: Maintain stock registers to record details of your inventory, including opening stock, purchases, and sales. This helps in calculating your GST liability accurately.
  14. Compliance Records: Keep records of all compliance-related documents, including notices, communications with tax authorities, and proof of payment of taxes.
  15. Contracts and Agreements: Maintain copies of contracts and agreements related to your business transactions, as they may be needed for reference or in case of disputes.
  16. Bank Statements: Keep copies of bank statements, especially those reflecting GST-related transactions.
  17. Audit Trail: Maintain an audit trail that shows how your financial records were created, altered, or deleted.

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