https://www.taxtmi.com/caselaws?id=154744 Liability to pay tax under the Act is distinct from actual tax payable: exemption from payment on goods does not remove a dealer or manufacturer from the charging provision if turnover otherwise attracts liability. Rule 42(2) therefore applies to a manufacturer dealing in exempt goods where the statutory liability exists, and the prescribed stock book for raw materials and finished goods must still be maintained. Failure to keep that record constitutes non-compliance and attracts penalty under Section 16(1)(n). en-us Wed, 21 Aug 1985 00:00:00 +0530 Mon, 26 Aug 2013 18:47:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=154744 Liability to pay tax under the Act is distinct from actual tax payable: exemption from payment on goods does not remove a dealer or manufacturer from the charging provision if turnover otherwise attracts liability. Rule 42(2) therefore applies to a manufacturer dealing in exempt goods where the statutory liability exists, and the prescribed stock book for raw materials and finished goods must still be maintained. Failure to keep that record constitutes non-compliance and attracts penalty under Section 16(1)(n). Case-Laws VAT and Sales Tax Wed, 21 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=154744