Goods and Services Tax – GST – By: – Srikanthan S – Dated:- 27-9-2017 – India has moved forward to a single indirect tax system with effect from 1st July, 2017 which is considered to be a major milestone in the history of India. As is usual in any fiscal statute, various compliances have been prescribed under the new GST laws; the country is progressing in this direction with great support from the GOI and the IT back-bone GSTN. As we hear from various agencies about the amount of transitional credit availed by the registered dealers via TRAN-1 and the likelihood of scrutiny at some point in future, this Article is an attempt to draw attention to an important area: data and documents preservation to avoid possible disputes and tax demands
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issued / received etc. All documents / data relating to Industrial Exemptions enjoyed till 30.6.2017, refunds pending to be received from Central and State Governments, and correspondence relating thereto. Original Excise / VAT / Service Tax and other Registration Certificates to be preserved carefully. All assessment orders, notices and replies thereto, pending litigation related documents etc. Many a time, data relating to past pending assessments may be called for and hence preserving the data bases / ERP accesses (including master passwords) is essential so that retrieval is made easy in future. In many large organizations, IT personnel, third party support systems and functional people may leave and appropriate handover process in res
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