Sales Tax Records, A registered person must keep a record in English or Urdu of all the goods and services supplied, purchased or imported in the course of business.
How Long do you Keep Sales Tax Records
03-years, you must keep all of your records for a minimum of three years from the due date of the return to which those records relate, or the date the return is filed, if later. You must make the records available to the Tax Department upon request.
Is Sales Tax Recorded as an Expense
Gross Sales are recorded using asset accounts such as Cash or Accounts Receivable. Net Sales is recorded using revenue accounts such as Sales Revenue. The sales taxes collected is recorded using a current liability account such as Sales Tax Payable.
What is Sales Tax Input and Output
Output Tax is the total amount of sales tax charged at current rate of sales tax on taxable sales made during the month i.e. total sales excluding exempt and zero-rated supplies. Input tax is the amount paid by the registered person on business purchases and imports.