Section 35 - Accounts and other records.

Accounts and records: registered persons must maintain prescribed business accounts, face audit obligations and tax determination for unaccounted supplies.

Every registered person must maintain true and correct accounts at the principal place of business recording production, supplies, stock, input tax credit, output tax and other prescribed particulars; multiple places require location-specific accounts and electronic records are permitted. Warehouse operators and transporters must keep consignor/consignee records. The Commissioner may prescribe additional or alternative accounting requirements for classes of taxable persons. Persons above the prescribed turnover are subject to audit by a chartered or cost accountant and must submit audited accounts and reconciliations. Failure to account permits determination of tax on unaccounted supplies and application of tax determination procedures.