(1) Every registered dealer and every person liable to be registered under the Act shall keep and maintain a true and correct account of his daily transactions showing the goods produced, manufactured, bought and sold by him and the value thereof separately with invoices and bills.

(2) Every such dealer or person, shall keep separate account of every purchase and sale made in the State, in the course of interstate trade or commerce, in the course of import into India and in the course of export out of India.

(3) Every dealer shall maintain account of purchases and sales made in the State in respect of different classes of goods liable to tax at different rates of tax separately. He shall maintain

(a) an Input Tax Register in Form VAT-48 recording therein in chronological order all purchases made.

(b) an Output Tax Register in Form VAT-49 recording therein in chronological order all sales made.

(c) details of credit and debit notes issued during any period.

(4) Every such dealer or person shall keep current books of accounts at the place or places of business entered in his certificate of registration and every purchase and sale must be brought to account as soon as the purchase or sale is made.

Explanation:- For the purpose of this sub-rule current books of accounts shall include Computer Hardware and Software used in connection with business activities of the dealer or person.

(5) The registers , accounts and documents maintained shall be sequentially numbered and where the registers and documents are maintained by means of a Computer or any other similar mechanical devise, the dealer shall maintain copies in paper of such registers and other documents printed on a monthly basis.

(6) Any entry in such registers, accounts and documents shall not be erased, effaced or overwritten and all incorrect entries shall be scored out under attestation and correct entry recorded and where the registers, account and documents are maintained by means of a Computer or any other similar mechanical devise, the dealer shall also maintain a record of correction or change of any entry.

(7) Every commission agent broker, del-credere agent, auctioneer or any other mercantile agent doing business as a dealer, shall maintain following accounts showing.

(a) particulars of authorizations received by him to purchase or sell goods on behalf of each principal separately.

(b) particulars of goods purchased or if goods received for sale on behalf of each principal each day,

(c) details of purchases or sales effected on behalf of each principal each day and

(d) details of accounts furnished to each principal each day.

(8) Every wholesale dealer, importer, exporter and manufacturer shall maintain monthly stock account in respect of commodities dealt with by him, and such stock account shall contain particulars of purchases or receipts, sales, deliveries and balance of stock.

(9) Every manufacturer of goods shall maintain monthly production of accounts showing quantitative details of the various raw materials used in the manufacture and the quantitative details of the goods so manufactured.

(10) Every dealer or person who is required to maintain stock accounts shall maintain subsidiary accounts for each godown for keeping the stocks.

(11) Every dealer or person shall also maintain annual accounts including trading, profit and loss account and balance sheet.

(12) Every dealer or person required to keep or maintain books of accounts or other record including tax invoices relating to his purchases and sales shall retain them until the expiration of eight years after the end of the year to which they relate.