53 Maintenance of accounts by a person

CHAPTER-VIII

MAINTENANCE OF ACCOUNTS

53. Maintenance of accounts by a person

(1) The following records may  be maintained by a taxable person, which will include,-

     (a) a monthly VAT account specifying total output tax, total input tax and net tax payable or the excess tax credit due for carry forward;

     (b) purchase records, showing details of purchases on which tax has been paid, purchases made without payment of tax, purchases made from an     exempted unit and purchases made from outside the State. Original tax invoices for purchases on which tax has been paid and invoices for purchases made without payment of VAT ,shall all be retained date wise ;

     (c) sales records showing separately sales made at different tax rates, zero–rated taxable sales and tax-free sales and  copies of VAT invoices related to taxable sales and invoices related to tax free sales ,shall  be retained  datewise and  in numerical order ;

     (d) record of inter-state sales and inter-state transfer of goods,

including that of goods sent for job work, supported by statutory declarations and such other evidence as may be relevant.

     (e) details of input tax calculations,  where the taxable person is making both taxable and tax free sales ;

     (f) stock records showing stock receipts and dispatches and stock of manufactured goods ;

     (g) order records and delivery challans, wherever applicable;

     (h) annual accounts including trading, profit and loss accounts and the balance sheet ; and

     (i) bank records, including statements, cheque book counter foils and pay-in-slips.

 

(2) The following records , may  be maintained by a registered person, namely :-

     (a) details of the goods purchased and sold by him; and

      (b) cash book, daybook, ledger, invoice or bill books and purchase vouchers.

(3) Specimen of sale and purchase registers for taxable person and registered person which are available in Form VAT - 31-, Form VAT - 32, Form VAT – 33 and Form VAT–34, respectively. These specimens are provided to facilitate a person for proper maintenance of accounts. A person may, maintain account books as per his requirement and nature ofbusiness, but these shall contain the information as per aforesaid the specimen.