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Frequently Asked Questions on VAT

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What records and books of accounts must be maintained for VAT?

A taxpayer should maintain the following records and books of accounts:

  • Record of taxable supplies made and received 
  • Records of import of goods and services
  • Records of export of goods and services
  • Tax invoices or other alternative documents related to sales and purchases of goods and services
  • Credit notes, debit notes and other alternative documents received and issued 
  • Records of goods and services allocated for non-business purposes, along with the tax paid for them
  • Records of goods and services that have been disposed, along with the payment made for them
  • Records of goods and services purchased for which input tax was not deducted.
  • Records of adjustments and corrections made to accounts or tax invoices.
  • Tax records that include the following information:
    • Tax due on taxable supplies
    • Tax due after adjustments or error corrections
    • Tax due on supplies where tax was paid under the reverse charge mechanism
    • Recoverable input tax on supplies and imports
    • Recoverable input tax after adjustments or error corrections
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