GST-registered Indian businesses should keep accurate accounts of production or manufacture, inward and outward supplies, stock, input tax credit (ITC), and output tax payable and paid. They must also retain the supporting documents and transaction details required by the CGST Rules, keep records at the relevant registered business locations, and be able to retrieve them in a readable form. The ordinary retention period is 72 months from the due date for furnishing the annual return for the relevant year—not 72 months from each transaction date.
Core GST accounts to maintain
Section 35 of the Central Goods and Services Tax Act, 2017 sets out the main account categories. Keep accurate accounts for:
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- Production or manufacture of goods.
- Inward and outward supplies of goods or services.
- Stock of goods.
- Input tax credit availed.
- Output tax payable and paid.
- Other particulars prescribed by the rules.
The applicable records depend on the business and its transactions. The central statutory framework is in sections 35–36 of the CGST Act and the CGST Rules on accounts and records.
Supporting documents and detailed records
Accounts should be supported by the transaction documents and registers relevant to the business. Rule 56 sets out additional recordkeeping details.
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Invoices, vouchers and movement documents
Keep the applicable tax invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills. Which documents apply depends on the transaction and the rules governing it.
Imports, exports and reverse-charge supplies
Maintain true and correct accounts of imported and exported goods or services, as well as supplies that attract reverse charge, together with their relevant documents.
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Stock accounts
For businesses other than persons paying tax under section 10, maintain commodity-wise stock accounts. These should show opening balance, receipts, supplies and closing balance, and record losses and other stock adjustments. Include raw materials, finished goods, scrap and wastage, and note goods lost, destroyed, written off, given away as gifts or distributed as free samples.
Advances, tax and ITC
Maintain a separate account of advances received, paid and adjusted. Businesses other than persons paying tax under section 10 must also keep accounts of tax payable, collected and paid; input tax and ITC claimed; and registers of tax invoices, credit notes, debit notes and delivery challans issued or received during each tax period.
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Suppliers, recipients and storage locations
Keep the required names and complete addresses of suppliers and recipients. Record the complete addresses of places where goods are stored, including goods in transit, along with particulars of the stock kept there.
Where GST records must be kept
Keep accounts at the principal place of business. If more than one place of business is shown on the registration certificate, maintain the accounts relating to each place at that location. Rule 56 also addresses records at related places of business and access to records maintained electronically.
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Can GST records be kept electronically?
Yes. The CGST Act permits accounts and records to be maintained electronically in the prescribed manner. The rules require proper electronic backup arrangements so information can be restored within a reasonable period after accidental or natural destruction. If an officer demands the records, the business must be able to produce them as an authenticated hard copy or in a readable electronic format.
Electronic recordkeeping also involves more than making backups. The rule text calls for information that supports an audit trail and links the records to their source documents and financial accounts. It addresses record layouts, data dictionaries, explanations of codes and sample documents. A practical retrieval process should make it possible to find the underlying record and explain how it connects to the supporting material.
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Paper and electronic systems: what to check
The law permits electronic records but does not require a particular accounting product. Whichever method you use, check that it provides:
- Complete accounts and supporting documents for the business’s transactions.
- Reliable retrieval of records, including records for each business location.
- Backups and a workable recovery process.
- An audit trail and links between entries, source documents and financial accounts where required.
- A way to produce an authenticated hard copy or readable electronic copy on demand.
How long to retain GST records
Section 36 of the CGST Act sets the ordinary retention period at 72 months from the due date for furnishing the annual return for the year to which the records relate. Calculate the period from that annual-return due date, not from the date of each transaction.
There is a longer period where records relate to an appeal, revision or other specified proceeding before an authority, tribunal or court, or to an investigation under Chapter XIX: retain them until one year after final disposal or until the ordinary retention period expires, whichever is later.
Scope of this checklist
This is a general checklist based on central GST law. Applicable requirements can vary with amendments, state or Union Territory law, sector-specific rules, special schemes and the facts of a particular case. Check the current provisions that apply to your business before setting a retention schedule or deciding which detailed accounts are required.
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