1. What books and records must be kept ? A taxpayer must keep the following books and records : (a) A purchase book, (b) A sales book, and (c) A VAT accounts. 2. What is to be included in the purchase and sales book ? Purchase and sales books include: (a) The invoice number (b) The invoice date (c) The supplier`s name and PAN number in the purchase book (d) The customer`s name and PAN number in the sales book (e) The taxable value, and (f) The amount of VAT. Businesses which sell both taxable and exempt goods will need to complete additional columns of information to separate exempt sales and the purchases related to them. IROs will be pleased to provide taxpayers with a sample Purchase Book (Schedule 8) and a sample Sales Book (Schedule 9) format. PAN number refers to the Taxpayer Identification Number which will be allocated to each registrant after completion of the registration process.
Posted on: Mon, 08 Dec 2014 03:47:49 +0000
Trending Topics
Recently Viewed Topics
© 2015