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MP GST Act 2017
Madhya Pradesh GST Bill 2017, MP GST Act 2017
- Short title, extent and commencement.-
This Act may be called the Madhya Pradesh Goods and Services Tax Act, 2017.It extends to the whole of the State of Madhya Pradesh.It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint :
Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. 2. Definitions.– Click Here to Download Madhya Pradesh Full GST Act 2017 and check all Definitions “voucher” means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both and where the goods or services or both to be supplied or the identities of their potential suppliers are either indicated on the instrument itself or in related documentation, including the terms and conditions of use of such instrument; “works contract” means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property wherein transfer of property in goods, whether as goods or in some other form, is involved in the execution of such contract; Words and expressions used and not defined in this Act but defined in the Integrated Goods and Services Tax Act, 2017 the Central Goods and Services Tax Act, 2017 and the Goods and Services Tax (Compensation to States) Act, 2017 shall have the same meanings as assigned to them in those Acts.
ACCOUNTS AND RECORDS
Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of,-
(a) production or manufacture of goods;(b) inward and outward supply of goods or services or both;(c) stock of goods;(d) input tax credit availed;(e) output tax payable and paid; and(f) such other particulars as may be prescribed:
Provided that where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business: Provided further that the registered person may keep and maintain such accounts and other particulars in electronic form in such manner as may be prescribed. (2) Every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter, irrespective of whether he is a registered person or not, shall maintain records of the consigner, consignee and other relevant details of the goods in such manner as may be prescribed. (3) The Chief Commissioner may notify a class of taxable persons to maintain additional accounts or documents for such purpose as may be specified therein. (4) Where the Chief Commissioner considers that any class of taxable persons is not in a position to keep and maintain accounts in accordance with the provisions of this section, he may, for reasons to be recorded in writing, permit such class of taxable persons to maintain accounts in such manner as may be prescribed. (5) Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed. (6) Subject to the provisions of clause (h) of sub-section (5) of section 17, where the registered person fails to account for the goods or services or both in accordance with the provisions of sub-section (1), the proper officer shall determine the amount of tax payable on the goods or services or both that are not accounted for, as if such goods or services or both had been supplied by such person and the provisions of section 73 or section 74, as the case may be, shall, mutatis mutandis, apply for determination of such tax.
Period of retention of accounts.
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 Chief 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. It is not possible to provide full Act at here, so please download Madhya Pradesh Full GST Act 2017 in PDF Format from below download link….
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