Taxapps.in

33. Books of Accounts

(1) Every dealer required by sub-section (1) of section 52 to maintain accounts shall keep accounts of stock, purchases, sales, receipts and dispatches in such a manner so as to give information—

(a) in respect of sales or purchases within the State of Bihar of different classes of goods liable to tax at different rates of tax;

(b) in respect of sales or purchases in the course of inter-state trade or commerce;

(d) in respect of goods received or dispatched by him other than by way of sale either from or to within the State or from or to outside the State.

(2) Every dealer, other than a dealer paying tax under section 15, required to maintain accounts under section 52 shall, in addition to the accounts required to be maintained under sub-rule (1), with a view to give information regarding his transactions, also maintain, monthwise:

(a) separate accounts of purchases or receipts of goods liable to tax at different rates:

(i) from outside the state, showing therein the name and address of the consignor, his Taxpayer Identification Number in the respective state, his registration number under the Central Sale Tax Act, 1956, if any, the invoice number or document evidencing receipt of goods and the date thereof and the purchase price of the goods;

(ii) from within the State of Bihar, showing therein the name and address of the consignor, his Taxpayer Identification Number, if any, the tax invoice, the retail invoice number or the document evidencing receipt of goods, as the case may be, and the date thereof and the purchase price of the goods and the tax, if any, charged thereon.

(b) separate accounts of sales or dispatches of goods liable to tax at different rates:

(i) to outside the state, showing therein the name and address of the consignee, his Taxpayer Identification Number, if any, his registration number under the Central Sale Tax Act 1956, if any, the invoice number or the document evidencing dispatch of goods, the date thereof and the sale price of the goods;

(ii) to within the State of Bihar, showing therein the name and address of the consignee, Taxpayer Identification Number, if any, the tax invoice or the retail invoice number or the document evidencing dispatch of goods, as the case may be and the date thereof and the sale price of the goods and the tax, if any, charged thereon.

(3) Every dealer mentioned in sub rule (2) shall also maintain a separate Value Added Tax Register in Form VR-VII.

(4) Every dealer, required by sub-section (1) of section 52 to maintain accounts, shall, in addition to the accounts and register required to be maintained under sub-rules (1), (2) and (3), also maintain monthwise, separate accounts in respect of:

(i) quantity of opening stock, receipts, issue and closing stock of different inputs received;

(ii) quantity of opening stock, production, sales or dispatches and closing stock of different finished goods.

(5) Every dealer required by sub-section (1) of section 52 to maintain accounts and whose Gross Turnover exceeds rupees forty lacs shall get his accounts audited under section 54 of the Act and shall file along with the annual return:

(i) a tax audit report in Form TAR-I;

(ii) a copy of the audited income statement in Form TAR-II, in a case where such income statement is either prepared or required to be prepared under any law for the time being in force, in respect of his business in the State of Bihar;

(iii) a copy of the audited balance sheet in Form TAR-III, in a case where such balance sheet is either prepared or required to be prepared under any law for the time being in force, in respect of his business in the State of Bihar; and

(iv) a detailed flow of goods in Form TAR-IV, in a case where an income statement or a balance sheet is not required to be prepared under any law for the time being in force, in respect of his business in the State of Bihar;

(6) Every dealer paying tax under section 15 shall prepare, and file along with the annual return, a trading and profit and loss account in Form TAR-V.

(7) Every dealer claiming input tax credit on account of capital goods shall maintain a register of such goods containing the following particulars:

(i) Location of the capital goods;

(ii) Date of purchase of the capital goods and such particulars regarding the purchase as the persons or dealers from whom such goods are purchased, details of bill or invoice relating to such capital goods;

(iii) Quantity of the capital goods;

(iv) Cost of purchase of the capital goods.

(8a) The retail invoice under sub-section (4) of section 53 shall be issued to the purchaser if the value of the transaction exceeds Rs. 200/-.

(8b) The retail invoice mentioned in clause (a) shall be serially numbered and shall contain the following details—

(i) Name and style of the business of the selling dealer;

(ii) Taxpayer Identification Number of the selling dealer;

(iii) Nature of purchaser (whether consumer or a dealer not registered under the Act);

(iv) Name and address of the purchaser in case of sale to a dealer;

(v) Date of issue;

(vi) Description of goods, their quantity and value;

(vii) Tax, if separately charged;

(viii) Signature of the person issuing the retail invoice.

(9) Every dealer referred to in sub-section (1) of section 53 shall preserve all books of accounts including tax invoices, retail invoices, debit notes and credit notes until the expiry of six years after the end of the year to which they relate or, in the case of a dispute, till the final disposal of the proceedings relating to the dispute, whichever is later.