GST Jamku AIPeriod of retention of accounts
Section 36
Every registered person required to keep and maintain books of account or other records in accordance with the provisions of sub-section (1) of section 35 shall retain them until the expiry of seventy two months from the due date of furnishing of annual return for the year pertaining to such accounts and records:
Provided that a registered person, who is a party to an appeal or revision or any other proceedings before any Appellate Authority or Revisional Authority or Appellate Tribunal or court, whether filed by him or by the Commissioner, or is under investigation for an offence under Chapter XIX, shall retain the books of account and other records pertaining to the subject matter of such appeal or revision or proceedings or investigation for a period of one year after final disposal of such appeal or revision or proceedings or investigation, or for the period specified above, whichever is later.
Registered individuals must maintain books of account or other records as per Section 35(1). These records should be kept until seventy-two months after the due date of filing the annual return for the relevant year.
Retention Period: The records must be retained for a specific period, except in certain situations.
Appeal or Revision Proceedings: If a registered person is involved in an appeal, revision, or any other proceedings before an Appellate Authority, Revisional Authority, Appellate Tribunal, or court, the books of account and records related to the matter must be kept for one year after the final disposal of the appeal or revision. This also applies if the individual is under investigation for an offence under Chapter XIX.
Extension Clause: The retention period may be extended to the duration specified above or until the expiry of seventy-two months from the due date of the annual return, whichever is later.
Conclusion: In summary, registered persons must adhere to the specified retention periods for maintaining books of account and records. Exceptions apply in cases of appeals, revisions, and investigations, where an extension may be granted based on the later of the two specified periods.