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