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CA Intermediate · Taxation · Accounts and Records

Gupta Wholesale, a registered person, is a trader of goods. Which of the following details must it necessarily include in its books of account under section 35(1) of the CGST Act, 2017?

Section 35(1) requires a registered person to keep records of production or manufacture, inward and outward supplies of goods or services, stock of goods, input tax credit availed, output tax payable and paid, and any other particulars prescribed. Merely holding invoices or e-way bills is not enough.

  1. AOnly the sales invoices issued during the year
  2. BProduction or manufacture, inward and outward supply of goods or services, stock of goods, input tax credit availed, output tax payable and paid, and other prescribed particularsCorrect
  3. COnly the details of the bank accounts and the PAN of the proprietor
  4. DOnly the e-way bills generated during the year

Explanation

Section 35(1) lists production or manufacture of goods, inward and outward supply of goods or services or both, stock of goods, input tax credit availed, output tax payable and paid, and other prescribed particulars. The other options cover only one narrow part.

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