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| 63. Accounts M. VAT ACT | |
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CHAPTER X
LIABILITY TO PRODUCE ACCOUNTS ETC.
63. Accounts
(1) Every dealer liable to pay tax under this Act, and any other dealer, who is required so to do by the Commissioner by notice in the prescribed form served on him, shall keep a true account of the value of the goods sold or purchased by him.
(2) If the Commissioner considers that the accounts kept are not sufficiently clear or intelligible to enable him to determine whether ornot a dealer is liable to pay tax during any period, or are so kept as not to enable a proper scrutiny of the returns or the Statements furnished, the Commissioner may require such dealer by notice in writing to keep such accounts, including records of sales or purchases in such form or manner as in his opinion is necessary for the purpose of proper quantification of tax and as he may, subject to anything that may be prescribed in that behalf, in writing direct.
(3) The Commissioner may, subject to such conditions or restrictions as may be prescribed in this behalf, by notice in writing direct any dealer, or by notification in the Official Gazette, direct any class of dealers, to maintain accounts and records showing such particulars regarding their purchases, sales or delivery of goods, and payments made or received towards sale or purchase of goods in such form, and in such manner, as may be specified by him.
(4) Every registered dealer shall ordinarily keep all his accounts, registers and documents relating to his stocks of goods, or to purchases, sales and delivery of goods made by him or payments made or received towards sale or purchase of goods, at the place or places of business specified in his certificate of registration or with the previous approval of the Commissioner, at such other place as may be agreed to by the Commissioner.
(5) Where,-
(a) any sale of goods is made and thereafter the goods are returned within the prescribed time, then the goods returned shall be accounted for in the return for the period in which appropriate entries are taken in the books of account and
(b) any purchase of goods is made and thereafter the goods are returned within the prescribed time, then the goods returned shall be accounted for in the return for the period in which appropriate entries are taken in the books of account.
(6) If the sale price or, as the case may be, the purchase price of any goods is varied and credit notes, or as the case may be debit notes, are requested to be issued to give effect to such variation, then,--
(a) the credit notes or, as the case may be, debit notes shall separately specify the component of tax, if any, and the component of price , and
such credit notes or, as the case may be, debit notes, shall be accounted for in the return in the period in which appropriate entries for debit notes and credit notes are taken in the books of account. |
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