Records to keep ready for routine GST compliance

A practical record flow for sales, purchases, credit notes, bank entries and reconciliations.

GST return preparation becomes more orderly when accounting records and tax documents follow the same monthly or quarterly cycle.

Sales information

• Tax invoices and debit or credit notes
• Export or exempt-supply information, where applicable
• Reconciliation between sales register and books

Purchase and input-tax-credit information

• Supplier invoices and expense records
• Import documents, if applicable
• Vendor and input-tax-credit reconciliation

Payments and adjustments

Keep challans, electronic ledgers and records of earlier-period adjustments together with the return working papers.

Review before filing

Identify unusual transactions, reversals, classification questions and differences before the filing date. The records required vary with the business and applicable return.

This article provides general information and does not constitute professional advice. Requirements depend on the facts and law applicable to a specific matter.