Tuesday, 10 January 2017

Section-53. Accounts and other records under Model GST Law

                    Section-53.                     Accounts and other records under Model GST Law


(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 registration, the accounts relating to each place of business shall be
kept at such places of business concerned:

PROVIDED FURTHER that the registered taxable person may keep and maintain
such accounts and other particulars in the electronic form in the manner as may
be prescribed.

(2) The [Commissioner/Chief Commissioner] may notify a class of taxable persons to
maintain additional accounts or documents for such purpose as may be specified.

(3) Where the [Commissioner/ Chief 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.

(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 accounted for, as if such
goods and/or services had been supplied by such person and in this regard, the
provisions of section 66 or 67, as the case may be, shall apply, mutatis
mutandis, for determination of such tax.

(6) Every owner or operator of warehouse or godown or any other place used for
storage of goods irrespective of whether he is a registered taxable person or not
shall maintain records of consigner, consignee and other relevant details of the
goods as may be prescribed.

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