GST – Need for preserving data bases, documents relating to pre-GST regime
By: – Srikanthan S
Goods and Services Tax – GST
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 impor
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s issued / received, H Forms issued (in respect of domestic transactions leading to Export), C Forms 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 organizatio
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