Will GST be a record-keeping headache for firms?

This news item talks about the record keeping requirements under the GST law. 

As per the rules, a registered tax-paying entity under the GST system for indirect taxation would have to maintain records of imported and exported goods or services and tax-paid supplies — separately for each activity, including manufacturing, trading and services.

Apart from maintaining accounting and tax invoice registers, entities will also have to record the complete address of premises where goods are stored, including goods in transit. If the goods are found to be stored elsewhere than the declared place, a tax would be payable as if they were supplied by the same entity.

PwC India’s tax and regulatory services team has commented that the stringent requirements would be a hassle and industry should consider representing against it. 

The accounts and records rules, PwC India said, prescribe ‘extremely onerous recordkeeping requirements

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