Do your books serve the Indian statutory position and the group's, or only one?
Gurugram has the densest concentration of Indian subsidiaries of overseas parents, and their books have to satisfy two audiences with different requirements and different calendars. The Indian statutory position needs Schedule III presentation and Indian tax computation. The group needs its own chart of accounts, its own reporting calendar and often a different framework. Books designed for one and reconciled to the other by spreadsheet every quarter are the default outcome, and the worst one.
Service and marketing-led files with heavy advertising spend, intercompany balances and cost recharges, foreign currency transactions, and expense classification that has to map onto a group chart of accounts as well as Indian statutory presentation.
Two things need to be right monthly and both are usually left to year end. Intercompany balances and cost recharges must be separately identifiable rather than absorbed into general ledgers, because they are exactly what a transfer pricing review examines and reconstructing the classification afterwards means re-tagging every historical transaction. And advertising bought from an overseas entity is an import of service attracting GST under reverse charge, payable in cash before it can be claimed as credit. A Gurugram subsidiary spending heavily on overseas-billed advertising and treating those invoices as ordinary expenses is accruing an unrecorded liability with interest running on it, month after month.
Haryana does not levy professional tax, so the monthly payroll cycle covers PF and ESI without a PT component for Gurugram-based staff.
The reason this stopped being a matter of tidiness is that reconciliation moved upstream of the return. Auto-populated outward liability in GSTR-3B has been non-editable since the July 2025 tax period and Table 3.2 has been system-locked since the November 2025 period, so a mistake in GSTR-1 is corrected through GSTR-1A before you file rather than adjusted afterwards. The Invoice Management System treats inaction on an inward invoice as acceptance, so input credit is settled by what happened during the month. And a GSTR-3B cannot be filed more than three years after its due date, so an old backlog is a shrinking asset rather than a static problem. The month is now where compliance is decided, and the return only reports it.
| Item | Position as at August 2026 |
|---|---|
| Who must keep books, individuals and HUF | Income above Rs 2,50,000 or turnover above Rs 25 lakh in any of the 3 preceding years |
| Who must keep books, others | Income above Rs 1,20,000 or turnover above Rs 10 lakh, on the same test |
| Governing provision | Section 62 of the Income-tax Act, 2025, which carries forward the old section 44AA |
| Penalty for not keeping them | Rs 25,000 under section 441 of the Income-tax Act, 2025 |
| Electronic books | Rule 46(8) of the Income-tax Rules, 2026 requires a daily backup on servers located in India |
| Retention, income tax | Seven tax years from the end of the relevant tax year, under Rule 46(9) |
| Retention, Companies Act | Eight financial years, section 128(5). The longest applicable period governs |
| Retention, GST | 72 months from the due date of the annual return, extended during proceedings |
| GST edit log | Rule 56(8). Required for electronic records, every registered person, since 2017 |
| Company audit trail | Rule 3(1), Companies (Accounts) Rules 2014, financial years from 1 April 2023 |
| GSTR-3B outward liability | Auto-populated and non-editable since the July 2025 tax period |
| MSME creditors | Deduction deferred until paid where a micro or small supplier is paid late |
| Plan | Fee | Built for |
|---|---|---|
| Essential | Rs 2,499 a month | Up to 100 transactions a month, one GSTIN |
| Growth | Rs 6,999 a month | Up to 400 transactions, up to three GSTINs |
| Controller | Rs 17,999 a month | High volume, multi-state, or reporting to outsiders |
| Backlog clean-up | From Rs 9,999 | Prior periods rebuilt, sequenced oldest first |
| Books health check | Rs 4,999 | Written diagnosis, credited against the first retainer |
Priced on transaction volume and the number of GSTINs rather than on turnover, because that is what actually drives the work.
Every price above is a professional fee, excluding GST and government charges. 50% on delivery.
All fees and charges listed are indicative only and do not constitute a binding offer. Final amounts may vary depending on the volume of work and the complexity involved.
To serve both from the outset. The chart of accounts should map to the group reporting structure so consolidation does not require a monthly reconciliation spreadsheet, while preserving the Schedule III groupings the Indian statutory financials must be presented in. Both are achievable in one chart if it is designed deliberately. Neither is achievable if the chart was inherited from whatever the previous accountant set up.
Yes, and it accrues quietly. Advertising billed by an entity outside India is an import of service attracting GST under reverse charge, which you pay in cash and then claim as input credit, rather than setting off against existing credit. Treated as an ordinary expense it creates an unrecorded liability that grows every month with interest attached. It needs identifying at entry, which means the vendor master has to distinguish overseas-billed suppliers.
Separately identifiable at the point of entry, with recharges, management fees and intercompany balances in their own ledgers rather than absorbed into general expense heads. These are the entries a transfer pricing review goes to first, and the classification has to be visible without reconstruction. Doing it monthly costs nothing. Doing it retrospectively means going back through every historical transaction and re-tagging it.
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Reviewed by the CA and CS Team, CorporateWalla · Last updated 17 August 2026 · · Sources: GST portal, Income Tax Department, Ministry of Corporate Affairs, Udyam Registration portal
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