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GST: One Tax, One Type Of Record

GST - One Tax One Record

GST has grabbed all eyeballs. For all reasons fair, it has taken the centre stage of every discussion from social media to news forums.

Well, GST comes with a lot of advantages, one of them being doing away with complicated record maintaining. While the indirect tax regime earlier was bothering you with hassled record maintenance, GST comes as a relief which gives a freedom from maintaining too many records. As GST follows “One Nation, One Tax,” it could easily be deduced also as “One Tax, One Type of Record.”

There’s no need to maintain plethora of records for different types of records.

Here’s a list of records that all assessees you need to maintain:

  1. Purchase Register

Information Required: All the purchases made within a tax period for manufacturing of goods or provision of services.

  1. Sales Register

Information Required: Account of all the sales made within the tax period must be maintained.

  1. Stock Register

Information Required: Account of correct amount of stock maintained at any given point of time.

  1. Input Tax Credit

Information Required: It should contain all the records of input tax credit maintained during the current tax period.

  1. Output Tax Liability

Information Required: It should contain the records of GST liability outstanding against the input tax already paid.

  1. Output Tax Paid

Information Required: It should contain the GST paid for a particular tax period.

  1. Other Records For Specific Business Notified By The Government

Information Required: By way of notifications, Government can specify other records as required to be maintained.

  1. Register of Goods For Assessee Carrying Out Manufacturing Activity

Information Required: It should contain details of goods manufactured in the factory or production house.

 

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