Record Keeping Guide for GST-Registered Businesses

• Tax invoices/simplified tax invoices, serielly-numbered receipts or cash register tapes as proof of income.
• Rental agreements signed by both landlord and tenant as proof of rental income.
• Credit notes for returned goods.
• Documents related to exports (e.g. export permit, air waybill, bill of lading).
• Evidence of payments received (e.g. bank statements).

You must keep the accounting records and schedules which summarise the business transactions. These include:

• Stock/inventory lists as proof of stock/inventory on hand at the end of each accounting period
• Sales listings as proof of income transactions
• Purchase listings as proof of purchase transactions
• General ledgers to record assets and liabilities, as well as income and expenses
• Bank statements of business (separate bank accounts for personal and business purposes is recommended)
• Statement of accounts such as Balance Sheet and Profit and Loss Statements
• GST account summaries of the total input tax and output tax relating to each accounting period

• Invoices or receipts received as proof of business expenses.
• Documents related to imports (e.g. import permit, air waybill, bill of lading).
• Payment vouchers for payments made for services received and the relevant contracts/agreements on theprovision of services.
• Rental agreements signed by both landlord and tenant as proof of rental expenses.
• Evidence of payments made (e.g. bank statements).

You must keep the source documents of all other business transactions that affect the output tax and input taxreported in the GST return. These transactions include

• Use of business assets for private purpose
• Disposal of business assets
• Removal of goods from customs-licensed warehouse

You must also keep the records of the steps taken to ascertain whether the supply made to you or by you waspart of a Missing Trader Fraud arrangement, including:

• The risk assessed
• The due diligence checks performed, including any checks designed to address the specific risks
• Actions taken in response to the results from the checks

You can maintain records of your business transactions in physical form. Examples are record books, receipts and physical invoices. Business transactions must be supported by source documents such as invoices/receipts from suppliers, and duplicate copies of invoices/receipts issued to your customers.

You can also keep records electronically using a computer and/or accounting software. This includes Microsoft Office applications, off-the-shelf or customised accounting software. Physical copies of source documents need not be kept if the source documents are kept electronically. You do not need to seek approval from IRAS to keep your records in an electronic format for tax purposes. However, you should ensure that proper internal controls are put in place to ensure the integrity, completeness, accuracy, availability and reliability of the electronic records.