The Bihar Value Added Tax Act, 2005
Chapter VII BOOKS OF ACCOUNT AND FURNISHING OF INFORMATION
Tax2005100 sections15 chapters
Chapter VII BOOKS OF ACCOUNT AND FURNISHING OF INFORMATION
52. Maintenance of accounts.
Statutory text
- (1) Every registered dealer (other than a dealer permitted to pay tax under section 15), shall--
- (a) keep in such manner as may be prescribed a true and complete account in respect of all goods produced, raised, manufactured, processed, bought, sold or delivered or transferred to or by him;
- (b) maintain in such manner as may be prescribed correct and complete accounts of despatches and arrivals of goods as also of stock of goods manufactured or transferred.
- (2) Such dealers or persons, as may be prescribed, and such other dealers to whom sub-section (1) applies, shall, at the end of each financial year, draw up, in the manner as may be prescribed,--
- (a) a manufacturing, trading and profit and loss account and a balance sheet, in the case of a manufacturer; and
- (b) such accounts as may be prescribed, in any other case: Provided that no accounts referred to in sub-section (1) shall be considered, true and complete unless such accounts enable the prescribed authority to compute the tax payable and the entitlement of input tax credit under the provisions of this Act: Provided further that the accounts referred to in sub-section (1) shall not be considered true and complete unless they give a true and fair view--
- (i) of the state of affairs of the dealer or the person as at the end of the financial year, in the case of the balance sheet; and
- (ii) of the working results of the dealer or the person for the financial year, in the case of the anufacturing, trading and profit and loss account.
- (3) Every dealer or a person required to keep accounts by sub-section (1) shall--
- (a) issue a challan in respect of all transfers of goods from his place of business otherwise than as a result of sale, in such form as may be prescribed; and
- (b) preserve all invoices for a period of not less than six years from the end of the year to which they relate, or for a period of two years after the completion of assessment, appeal or revision for the year, whichever is later.
- (4) Every dealer permitted to pay tax under section 15 shall--
- (a) maintain accounts showing his purchases and sales during the year and such other accounts, as may be prescribed; and
- (b) draw up, at the end of each financial year, in the manner as may be prescribed, a trading and profit and loss account.
Chapter VII BOOKS OF ACCOUNT AND FURNISHING OF INFORMATION
53. Issue of tax invoice and debit and credit notes.
Statutory text
- (1) A registered dealer, making a sale liable to tax under this Act, to another registered dealer shall, provide the purchaser at the time of sale, a tax invoice containing the particulars specified in sub-section (2) and retain a copy thereof: Provided that a tax invoice shall not be issued--
- (a) by a dealer permitted to pay tax under section 15; or
- (b) for the sale in the course of inter-State trade or commerce or export by a dealer, and in such cases a retail invoice shall be issued: Provided further that not more than one tax invoice shall be issued for each such sale: Provided also that if an invoice has been issued under the provisions of the Central Excise Act, 1944 (1 of 1944), it shall be deemed to be a tax invoice if it contains the particulars specified in sub-section (2).
- (2) The tax invoice issued under sub-section (1) shall contain the following particulars on the original as well as copies thereof, namely:--
- (a) the words "Tax Invoice" in a prominent place;
- (b) the name, address and tax payer identification number of the selling registered dealer;
- (c) the name, address and tax payer identification number of the purchaser;
- (d) an individual pre-printed serialised number and the date on which the tax invoice is issued;
- (e) description, quantity, volume and value of goods sold and the amount of tax charged thereon indicated separately;
- (f) the signature of the selling dealer or his manager, agent or servant duly authorised by him; and
- (g) the name and address of the printer and first and last serial number of tax invoices printed and supplied by him to the dealer.
- (3) A tax invoice in respect of a sale shall be issued in duplicate and the original of which shall be issued to the purchaser (or the person taking the delivery, as the case may be) and the duplicate shall be retained by the selling dealer.
- (4) Except when a tax invoice is issued under sub-section (1), if a dealer sells any goods exceeding such amount in value as may be prescribed, in any one transaction to any person, he shall issue to the purchaser a retail invoice containing the particulars specified in sub-section (5) and retain a copy thereof.
- (5) The retail invoice issued under sub-section (4) shall contain the following particulars on the original as well as copies thereof, namely:--
- (a) the words "Retail Invoice" or "Cash Memorandum" or "Bill" in a prominent place;
- (b) the name, address and tax payer identification number of the selling dealer, if registered;
- (c) in case the sale is in the course of inter-State trade or commerce, the name, registration number and address of the purchasing dealer and type of any form, under the Central Sales Tax Act, 1956 (74 of 1956), if any, against which the sale has been made;
- (d) an individual pre-printed serialised number and the date on which the retail invoice is issued;
- (e) description, quantity, volume and value of goods sold and amount of tax charged thereon indicated separately; and
- (f) the signature of the selling dealer or his servant, manager or agent, duly authorised by him.
- (6) The retail invoice shall be issued in duplicate, and the original of which shall be issued to the purchaser and the duplicate copy of which shall be retained by the selling dealer.
- (7) The Commissioner may, by notification, specify the manner and form in which the particulars on a tax invoice or retail invoice are to be recorded.
- (8) If a purchaser claims to have lost the original tax invoice, the selling dealer may, subject to such conditions and restrictions as may be prescribed, provide a copy of such tax invoice clearly marked as a copy of the original tax invoice.
- (9) Where a tax invoice has been issued in respect of a sale and--
- (a) the amount shown as tax in that tax invoice exceeds the tax payable in respect of the sale, the dealer shall provide the purchaser with a credit note, containing such particulars as may be prescribed; or
- (b) the tax payable in respect of the sale exceeds the amount shown as tax on the tax invoice, the dealer shall provide the purchaser with a debit note, containing such particulars as may be prescribed.
- (10) Every dealer referred to in sub-section (1) shall preserve books of account including tax invoices and retail invoices until the expiry of six years after the end of the year to which they relate or for such other period as may be prescribed.
- (11) If a registered dealer contravenes the provisions of this section, the prescribed authority shall, after giving the dealer an opportunity of being heard, direct him to pay by way of penalty a sum equivalent to twice the amount of tax payable for each sale in respect of which such contravention has taken place.
Chapter VII BOOKS OF ACCOUNT AND FURNISHING OF INFORMATION
54. Accounts to be audited in certain cases.
Statutory text
- (1) Every dealer whose gross turnover exceeds forty lakh rupees shall, for the purposes of this Act, get his annual accounts audited by an accountant by--
- (i) the 30th day of November of the following year, in the case of a company formed and registered under the Companies Act, 1956 (1 of 1956); and
- (ii) the 31st day of October of the following year, in any other case.
- (2) Every dealer referred to in sub-section (1) shall obtain, by the date specified in that sub-section, a report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed and true copy of such report shall be furnished, on or before the due date, by such dealer to the prescribed authority. Explanation 1.--In this sub-section, "due date" means--
- (a) where the dealer is a company within the meaning of the Companies Act, 1956 (1 of 1956), the 30th day of November of the year following the year to which such return relates;
- (b) where the dealer is a person, other than a company,--
- (i) in a case where the accounts of the dealer are required under this Act or any other law to be audited or where the report of an accountant is required to be furnished under this section, the 31st day of October of the year following the year to which such return relates;
- (ii) in any other case, the 31st day of July of the year following the year to which such return relates.. Explanation 2.--For the purposes of this section, "accountant" means a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949) and includes a person who, by virtue of the provisions of sub-section (2) of section 226 of the Companies Act, 1956 (1 of 1956), is entitled to be appointed to act as an auditor of companies registered in any State.
- (3) If the accounts of a registered dealer are not required to be audited in terms of the provisions of subsection (1), such dealer shall furnish, to the prescribed authority, the accounts and statements mentioned in sub-section (2) of section 52 on or before the 31st day of July of the year following the year to which such accounts or statements relate.
- (4) If a dealer contravenes the provisions of sub-section (2) or sub-section (3), the prescribed authority shall, after giving the dealer a reasonable opportunity of being heard, impose on him, in addition to any tax payable, a sum by way of penalty equivalent to two per cent. of the tax payable by him under section 36 for every month, or part thereof, of such default.
Chapter VII BOOKS OF ACCOUNT AND FURNISHING OF INFORMATION
55. Furnishing of information by Government departments, banks, financial institutions clearing and forwarding agents and owners of warehouses, godowns and others.
Statutory text
- (a) Every bank, including any branch of a bank, or any clearing house in the State or any financial institution, department of the Government, corporation, institution, organisations or companies, boards, authorities, undertakings or any bodies owned, financed or controlled wholly or partly by the State Government or the Central Government; and
- (b) every clearing, forwarding or booking agent or dalal as defined in clause (a) of the Explanation to section 59 or a person engaged in the business of transporting goods, shall, if so required by any authority appointed under section 10, furnish any such particulars as may be required by such authority in respect of the transactions relating to sales or purchases of goods by such dealers or any dealer with or through such banks or clearing house or any financial institution, department of the Government, corporations, institutions, organisations or companies, boards, authorities, undertakings or any other body owned, financed or controlled wholly or partly by the State Government or the Central Government.
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