86 Tax invoice and memorandum of sales or purchases

86.  Tax invoice and Memorandum of sales or purchases:-

       (1)  If a registered dealer sells any 1[goods, he may] issue to the purchaser a tax invoice containing such particulars as are specified in sub-section (2) and retain a copy thereof for ²[eight years] from the end of the year in which the sale took place.

      (2)  The tax invoice issued under sub-section (1) shall contain the following particulars on the original as well as on all the copies thereof,-

(a)        the words “tax invoice” in bold letters at the top or at any prominent place,

(b) the name, address and registration certificate number of the selling dealer 3[as well as the name and address of the purchasing dealer],

(c)        an individual serialised number and the date on which the tax invoice is issued, .

(d) description of the goods, the quantity or as the case may be, number and price of the goods sold and the amount of tax charged thereon indicated separately, and

(e)        signed by the selling dealer, or his servant, manager or agent duly authorised by him.

     4[(3) When a dealer liable to pay tax under this Act, sells any goods to any person, he shall issue to the purchaser either a tax invoice or a bill or cash memorandum serially numbered, signed and dated by him or his servant, manager or agent and showing therein such other particulars as may be prescribed. He shall keep a counterfoil or duplicate of such bill or cash memorandum duly signed and dated, and preserve it for a period of ²[eight years] from the end of the year in which the sale took place:

                          Provided that, where the value of the goods sold in a single transaction is rupees fifty or less, then it shall not be necessary to issue the said bill or cash memorandum.]

     5[(4)  Nothing contained in sub-section (1) or (2) shall apply to a dealer who is paying tax by way of composition under sub­-section (1) or (2) of section 42.]  

     6[(5) Any dealer may apply to the Commissioner to permit him to maintain the records of the bills or cash memorandum on such electronic system as may be approved by the Commissioner. On such permission being granted, the dealer shall stand exempted for the purposes of sub-section (3) regarding keeping counterfoils or duplicates of the said bills or cash memoranda and of signing the bill or cash memorandum..]

    7[(6) A registered dealer, shall in respect of every sale made by him issue either a tax invoice or bill or cash memorandum as provided under sub-section (1) or (3).]

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  1.  These words were substituted by Mah. Act No. XIV of 2005, dated the 31st March, 2005 w.e.f. 1.4.2005.

  2.  These words were substituted for the words “three years” by Mah. Act No. VIII of 2012 dated 25.4.2012 w.e.f.1.4.2005

   3. These words were substituted by Mah. Act No. XIV of 2005, dated the 31st March, 2005 w.e.f. 1.4.2005 and again these words were substituted for the words “as well as the name and address of the purchasing dealer” by Mah. Act No. XII of 2010, dt. 29.04.2010  w.e.f. 1st May, 2010

  4.  Sub-section (3) was substituted by Mah. Act No. XIV of 2005, dated the 31st March, 2005 w.e.f. 1.4.2005 and again “sub-section (3) was substituted by Mah. Act No. XXV of 2007, dt. 6.8.2007 w.e.f. 15.8.2007 as per Notification No. VAT.1507/CR-57/Taxation-1, dt. 10.8.2007. s.20

            “(3) When a registered dealer sells any goods, he may at his option issue to the purchaser a bill or cash memorandum serially numbered, signed and dated by him or his servant, agent or manager and stating therein such other particulars as may be prescribed. He shall keep a counterfoil or duplicate of such bill or cash memorandum duly signed and dated and preserve it for a period of three years from the end of the year in which the sale took place. Where the said registered dealer is issuing a bill or cash memorandum, he shall not collect tax separately on such sale.”

5.   Sub-section (4) substituted by Mah. Act No. XIV of 2005, dated the 31st March, 2005 w.e.f. 1.4.2005.

6.   Sub-section (5)  substituted and shall be deemed to have been substituted w.e.f. 1st April, 2005 by Mah. Act No. XXXII of 2006, dt. 5.8.2006. s.53. Prior to substituted the “Sub-section (5)” was read as under :-

(5) The State Government may, by rules provide for such electronic system as may be used, if necessary, in conjunction with such automatic data processing machines, as may be prescribed, for preservation of the details of the bill or cash memorandum for the purposes of sub-section (3) in such form and manner as may be approved by the Commissioner and any dealer may apply to the Commissioner to permit him, subject to such conditions, if any, as may be prescribed, to maintain the record of the bills or cash memoranda on such system. On such permission being granted, the dealer shall stand exempted for the purposes of said sub-section (3) regarding keeping counterfoils or duplicates of the said bills or cash memoranda and of signing the bill or cash memorandum.”

7.  Sub-section (6) added by Mah. Act No. XIV of 2005, dated the 31st March, 2005 w.e.f. 1.4.2005.