This Subject is down to my alley. We are a tax Consulting and Accounting Company; I could tell you this:

In the modern era of business landscape, the importance of keeping copies of invoices cannot be overstated. According to the Goods and Services Tax (GST) Act, which came into effect in India in 2017, orders businesses to maintain records of all transactions including invoices, receipts and other related documents. The GST Act instructs that at a minimum these records must be retained for six years at the end of the relevant financial year. This ensures that correct and complete records can be obtained for any audit, audit, or argument relating to GST compliance in transactions. Similarly, Indian Evidence Act, 1872, maintenance of records is not a business practice but also a legal requirement. Section 34 of the Act states that any document created for examination by any court shall be retained for a specified period. Depending on the nature of document and its importance to any current or potential claim, the length of time records should be retained may differ and it is mostly advisable to withhold some of the invoices preferably five to seven years. Companies should recognize the importance of record keeping and adopt the affidavits essential to use records in accordance with the Evidence Act and the GST Act. By doing so, they can ensure compliance, diminish risks, and control the power of successful financial documentation to strength their success in today’s active business environments.

If you require assistance with GST, income tax, or any other financial and taxation services, feels free to contact Accteez Services India Private Limited. At AccTeez, we are committed to providing comprehensive GST, income tax, and accounting services to businesses of all sizes. With our team of experienced professionals and a client-centric approach, we strive to simplify complex financial processes and ensure compliance with tax regulations.

Our team comprises highly skilled professionals with extensive knowledge and experience in taxation and accounting. We stay updated with the latest developments in tax laws to provide accurate and reliable services. As a trusted partner, AccTeez goes beyond providing accounting and tax services. We are committed to empowering businesses with knowledge and expertise, enabling them to navigate the complexities of record-keeping and stay compliant with the Evidence Act and GST Act. Email: consult@accteez.com Phone: +91 8860632015