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List of Sales Tax Record

List of Sales Tax Record, Payments Receipts and Documents in Law

List of Sales Tax Record, the record of Purchases and Imports should indicate the following details of goods purchased or received or services hired:

  1. Description;
  2. Quantity;
  3. Value;
  4. Name, address and registration number of the supplier,
  5. Amount of tax paid on purchases.

Record of Payment Receipts

All payment so receipts of amount of sales tax on purchases or supplies above Rs. 50,000 (except utility bills) should be made through bank instruments indicating specified bank accounts of both the persons i.e., sellers and purchasers. It is recommended that records/ photocopies of all bank instruments through which payments of sales tax are made or received must be kept along with bank statements for the purpose of compliance of section 73 of the Act and to avoid audit complications.

Other Records

A registered person should also keep record of:

  1. Zero-rated and exempt supplies,
  2. Record of invoices, credit notes, debit notes, bank statements, inventory
  3. Utility bills, salary and labor bills, rental agreements, sale purchase agreements and lease agreements.

Retention of Records and Documents

A registered person is required to maintain a record and documents for a period of six (6) years after the end of the tax period to which such record and documents relate.

The Electronic Sales Tax Return and its relevant attachments, if any, shall be kept in electronic record of the registered person and shall be produced to the officer-in-charge on demand along with the supportive documents. If the delay is beyond 15 days, a penalty of Rs.5000/month is payable.

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