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<h1>Accounts and records requirement compels registered persons to keep detailed business accounts and submit prescribed audited documents.</h1> Registered persons must maintain true and correct accounts at their principal place of business covering production, inward and outward supplies, stock, input tax credit, output tax and other prescribed particulars; electronic records are permitted and accounts for multiple locations must be kept at each location. Owners of storage and transporters must keep prescribed consignor and consignee records. The Commissioner may require additional or alternative accounts for classes of taxable persons. Persons above the prescribed turnover must obtain a statutory audit and submit audited accounts and reconciliation; failure to account permits determination of tax on unaccounted supplies and application of tax recovery provisions.
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