Section 7, Goods and Services (Compensation to States) Act, 2020 [S29-SKX]
As at 7 September 2026. In force from 4 August 2020 by S.O. 1271(E) [N12-KG8].
7. Maintenance of records and furnishing of returns.—(1) Every taxable person shall maintain such records and registers relating to the supply of goods or services as may be prescribed and shall preserve them for a period of five years. (2) Every taxable person shall furnish to the Board a return in Form GSTR-1 within seven days from the end of every financial year, and such other information as the Board may, by order in writing, require.
Defined terms in this text (2)
Board: Section 2, Goods and Services (Compensation to States) Act, 2020 [S29SE2] (In this Act, unless the context otherwise requires,—): "Board" means the Central Board of Indirect Taxes and Customs constituted under the Central Boards of Revenue Act, 1963 (54 of 1963)
Board: 279 more definitions.
goods: Section 2, Goods and Services (Compensation to States) Act, 2020 [S29SE2] (In this Act, unless the context otherwise requires,—): "goods" includes vessels, aircraft and vehicles, stores, baggage, currency and negotiable instruments, and any other kind of movable property
goods: 38 more definitions.
Made under this section, or naming it (0)
none
Cited by (2)
Section 41, Goods and Services (Compensation to States) Act, 2020 [S29-TNX], 3 March 2020, Band A. "section 7".
Rule 6, Goods and Services (Compensation to States) Act Rules, 2021 [S2A-YQH], 20 December 2021, Band A. "sub-section (2) of section 7 of the Act".
Not held (0)
none
Duties published under this section (1)
D12-48W. Every taxable person: Maintain records and registers of the supply of goods or services; preserve for five years; furnish the annual return in Form GSTR-1; seven days from the end of every financial year; Form GSTR-1. Published by Department of Revenue, Ministry of Finance (synthetic record).