Accounts and other Records :-

All indirect taxes (excise, VAT, service tax) will get subsumed into one GST, thus there will be a reduction in requirement of maintaining number of accounts. Such as :-

  1. Purchase a/c
  2. Sale a/c
  3. Production a/c
  4. Stock a/c
  5. Input Tax Credit a/c
  6. Output Tax Liability a/c
  7. Output Tax Paid a/c
  8. Input CGST a/c
  9. Output CGST a/c
  10. Input SGST a/c
  11. Output SGST a/c
  12. Input IGST a/c
  13. Output IGST a/c
  14. Electronic Cash Ledger (to be maintained on Government GST portal to pay GST)

Electronic Cash & Credit  Ledger :-

E-ledger or electronic ledger is statement of cash and input tax credit in respect of a registered taxpayer. Taxpayer making GST tax payment by cash, cheque, internet banking, RTGS or NEFT then the amount is credited in their respective electronic ledgers namely:

  1. Electronic Cash Ledger
  2. Electronic Credit Ledger

After registering with common portal of GST these two e-ledgers would be generated.

Period for Retention

This sections talks about the period for which the said books of accounts and other records have to be maintained, i.e. how long the records need to be saved by the business entity.

As per the GST law every registered taxable person required to keep and maintain books of account or other records will maintain the books for at least 60 months (5 years), counted from the last date of filing of Annual Return.