Section 35 of CGST Act, 2017 Accounts and other records

Posted on 29 April 2023 Category : GST Law

Accounts and other records, Sec 35 of CGST Act, 2017

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The below post explains about Accounts and other records under section 35 of CGST Act,2017.

Section 35 of CGST Act, 2017 explains Accounts and other records as below: (The amendments if any will also be updated here soon).

The extract of Section 35 of CGST Act,2017 quoted below:

35 Accounts and other records

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—

(a) production or manufacture of goods;

(b) inward and outward supply of goods or services or both;

(d) input tax credit availed;

(e) output tax payable and paid; and

(f) such other particulars as may be prescribed:

Provided that where 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:

Provided further that the registered person may keep and maintain such accounts and

other particulars in electronic form in such manner as may be prescribed.

(2) Every owner or operator of warehouse or godown or any other place used for

storage of goods and every transporter, irrespective of whether he is a registered person or

not, shall maintain records of the consigner, consignee and other relevant details of the

goods in such manner as may be prescribed.

(3) The Commissioner may notify a class of taxable persons to maintain additional

accounts or documents for such purpose as may be specified therein.
(4) Where the Commissioner considers that any class of taxable persons is not in a

position to keep and maintain accounts in accordance with the provisions of this section, he

may, for reasons to be recorded in writing, permit such class of taxable persons to maintain

accounts in such manner as may be prescribed.

(5) Every registered person whose turnover during a financial year exceeds the

prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant
and shall submit a copy of the audited annual accounts, the reconciliation statement under

sub-section (2) of section 44 and such other documents in such form and manner as may be

prescribed.

(6) Subject to the provisions of clause (h) of sub-section (5) of section 17, where

the registered person fails to account for the goods or services or both in accordance

with the provisions of sub-section (1), the proper officer shall determine the amount of

tax payable on the goods or services or both that are not accounted for, as if such goods

or services or both had been supplied by such person and the provisions of section 73

or section 74, as the case may be, shall, mutatis mutandis, apply for determination of

such tax.

The above information clarifies about Accounts and other records under section 35 of CGST Act,2017.

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