Maintenance of accounts obligations: registered persons must preserve detailed and electronic records, produce on demand, or face penalties. Registered persons must keep detailed, activity wise accounts and supporting documents for all supplies, imports/exports and reverse charge transactions, including stock ledgers, advances, tax registers and registers of invoices; maintain names/addresses of suppliers, recipients and storage premises; keep books at principal and related places; do not erase entries; and maintain serial numbering. Electronic records require authentication, backups, audit trails and producible formats. Records must be preserved per the Act and produced on demand; carriers and agents must also maintain true records. Administrative enforcement has applied confiscation and penalties for contraventions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Maintenance of accounts obligations: registered persons must preserve detailed and electronic records, produce on demand, or face penalties.
Registered persons must keep detailed, activity wise accounts and supporting documents for all supplies, imports/exports and reverse charge transactions, including stock ledgers, advances, tax registers and registers of invoices; maintain names/addresses of suppliers, recipients and storage premises; keep books at principal and related places; do not erase entries; and maintain serial numbering. Electronic records require authentication, backups, audit trails and producible formats. Records must be preserved per the Act and produced on demand; carriers and agents must also maintain true records. Administrative enforcement has applied confiscation and penalties for contraventions.
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