Accounts and other records
Section 53
Bill
ACCOUNTS AND RECORDS
MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016]
CHAPTER XII
ACCOUNTS AND RECORDS
53. Accounts and other records
(1) Every registered taxable person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of production or manufacture of goods, of inward or outward supply of goods and/or services, of stock of goods, of input tax credit availed, of output tax payable and paid, and such other particulars as may be prescribed in this behalf:
PROVIDED that where more than one place of business is specified in the certificate of registra
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
h manner as may be prescribed.
(4) Every registered taxable 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 to the proper officer a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 39 and such other documents in the form and manner as may be prescribed in this behalf.
(5) Subject to the provisions of clause (g) of sub-section (4) of section 17, where the registered taxable person fails to account for the goods and/or services in accordance with sub-section (1), the proper officer shall determine the amount of tax payable on the goods and/or services that are not accou
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =