BVAT Act 52Chapter VII · Books of Account and Furnishing of Information
Section 52 · Maintenance of accounts
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(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.
(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.
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