MANDATORY RECORDS
Maintenance of records: Sec 63 of the ACT provides for maintenance of true accounts of the value of goods sold or purchased by a dealer liable to pay tax under the Act. No list of books is prescribed. So the trader must keep sufficient records:
* to ensure that VAT liability can be readily assessed,
* in support of any tax credit that may be claimed.
The dealer is required to maintained following mandatory records/ MIS Reports through ERP at it's principal place of business under VAT law:
a) Purchase record showing details of purchases on which Tax has been paid, purchase made without payment of tax, purchases from exempted unit and purchase made from outside the state. Original tax invoice for purchases on which tax has been paid and invoices for purchases made without payment of tax shall be preserved date wise and in numerical order;
b) Sales record showing separately sales made at different tax rates, zero-rated taxable sales and tax-free sales. Copies of tax invoices related to taxable sales and invoices related to exempt sales shall be retained date wise and in numerical order;
c) Record of inter-state sales and inter-state stock transfer or transfer to job worker / loan licensee/ contract manufacturer supported by statutory declaration and such other evidences as may be relevant;
d) A monthly account specifying total output tax, total input tax and net tax payable or excess tax credit due for carry forward;
e) Details of input tax calculation;
f) Stock record showing stock receipt and deliveries and manufacturing records;
g) Stock record showing separately the particulars of goods stored in cold storage, warehouse, godown or any other place taken on rent;
h) Annual accounts including trading profit & loss account and the balance sheet;
i) Bank records including statement, cheque book counter foils and pay-in slips;
j) Cash book, daybook and ledger;
k) Copy of all challans, evidencing payment of tax, interest or any other amount due;
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