Section 35 - Accounts and other records.

Accounts and records obligation: registered persons must keep detailed tax and business records; noncompliance triggers tax determination.

Registered persons must maintain true and correct accounts at their principal place of business recording production, inward and outward supplies, stock, input tax credit, output tax payable and paid, and prescribed particulars; accounts for each specified business location must be kept at those locations and may be maintained electronically as prescribed. Warehouse operators and transporters must maintain prescribed consigner, consignee and goods details. The Commissioner may require additional or alternative accountkeeping for classes of taxable persons. Persons above the prescribed turnover must obtain a statutory audit and submit audited accounts and the reconciliation statement. Failure to account for supplies permits the proper officer to determine tax payable on unaccounted supplies, with tax recovery provisions applying mutatis mutandis.