Records are required to be maintained by every business entity under various Acts as prescribed. Under Service Tax also records are required to be possessed under the Service Tax Rules, 1994. Maintenance of records keeps a track about the Company functioning or activities conducted under it.

In this article we will provide you with the details of records to be maintained under the service Tax.

Following are the records required to be maintained for the purpose of service tax –

1.      Records including the computerized data as maintained by an assessee as per the various laws in force from time to time.

2.      Every assessee has to furnish the list of records maintained by him at the time of filing of first service tax returns to the Jurisdictional Superintendent concerned, as under:

• All records prepared and maintained to record accounting transactions.
• All other financial records maintained in the normal course of business.

Time period – Records mentioned above should be preserved for at least 5years.

Place – The records to be kept at the registered premises.

All Records-

In this context all records means records maintained for recording the accounting as well as financial transactions. The record for recording of accounting transactions would be for the below:

• Providing of any taxable service
• Providing of any exempted service
• Procurement of input services
• Manufacture of inputs or capital goods
• Storage of inputs or capital goods
• Sale or delivery of inputs and capital goods
• Receipt of inputs or capital goods or input services
• Payment for such inputs or capital goods or input services

The records to be maintained–

On the basis of services provided by the assessee, the following are the records to be maintained under service tax –

• Bill register
• Receipt register
• Debit/ credit notes register
• Service tax master file
• CENVAT Credit Register or Statement – For recording

i)       Availment

ii)     Utilization

iii)   Opening and Closing Balances of the Cenvat Credit.

• Reimbursement of expenses Record
• Service tax related documents for the following:

a)      Agreements entered with the clients

b)     Receipts issued to the clients

c)      GAR-7 Challans relating to service tax

d)     Copies of bills raised on clients

• Visits by the Department: Register at security place and/or Register maintained by the department concerned – stating or containing the below:

a) Date of the visit

b) Name

c) Designation

d) Purpose

e) Signature

• Acknowledgment of documents submitted to the Department
• Correspondences with the Department and
• Other documents as organization requires from time to time.

Conclusion-

The above stated files, documents & records should be maintained by the assessee and it has to be intimated to the Service Tax Department at the time of first filing of service tax (ST -3) return and the same should be acknowledged by the assesses.