Under sales tax law what record  a taxpayer  is supposed to maintain.?

1 ANSWERS

1. Guest8288
   

   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, in the following manner. Record of Sales: The record of sales should indicate the following details of goods supplied or services rendered: description; quantity; value; name and address of the customer, and amount of tax charged. At the end of each month, a registered person must add up the sales tax shown in these records, and transfer the total to sales tax account as output tax. Record of Purchases and imports: The record of purchases and imports should indicate the following details of goods purchased or received or services hired: description; quantity; value; name, address and registration number of the supplier, amount of tax paid on purchases. Record of Payments/Receipts: All payments or 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 Zero-rated and exempt supplies, Record of invoices, credit notes, debit notes, bank statements, inventory records, Utility bills, salary and labor bills, rental agreements, sale purchase agreements and lease agreements.

   Report (0) (0)  |   12 years, 7 month(s) ago