(1) Every registered dealer or a dealer on whom a notice has been served to furnish returns under sub-section (3) of section 16 shall maintain a true and upto date account of the value of goods purchased, manufactured and sold by him, or goods held by him in stock and in addition to the books of accounts that a dealer maintains and keeps for the purpose referred to in this sub-section, he shall maintain and keep such registers and accounts in such form as may be prescribed.

(2) Every dealer referred to in sub-section (1) shall retain at his place of business all accounts, registers and documents.

(3) Where a dealer as referred to in sub-section (1) has established branch offices of the business in the State other than the principal place of business, the relevant accounts, registers and documents in respect of each such branch shall, without prejudice to the provisions of sub-section (5), be maintained and retained by him at such branch also.

(4) If the Assessing Authority is of the opinion that the accounts maintained by any dealer or class of dealers do not sufficiently enable him to verify the returns or to properly make assessment on the basis thereof, he may, by an order, require such dealer or class of dealers to maintain such accounts, in such manner as may be prescribed.

(5) The State Government may, by notification, in public interest, exempt any class of registered dealers from the operation of the provisions of this section.