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60. (1) A registered dealer who sells taxable goods to another registered dealer, shall, at the request of the purchaser, provide to him, at the time of sale, with a tax invoice containing such particulars as may be prescribed and retain a copy thereof:
Provided that a tax invoice shall not be issued by a dealer-
(a) in respect of the goods specified in Schedule I or exempt by notification under sub-section (2) of section 5;
(b) who has given an option to pay lumpsum tax in lieu of tax under section 14;
(c) for sale in the course of inter-State trade or commerce or export out of the territory of India: or
(d) to a person who is not a registered dealer.
(2) Except when tax-invoice is issued under sub-section (1), if a registered dealer sells any goods exceeding rupees one hundred in value in any one transaction to any person, he shall issue to the purchaser a retail invoice, containing such particulars as may be prescribed and retain a copy thereof.
Credit and debit notes.
61. Subject to the provisions of sections 8 and 60, where a tax invoice has been provided as contemplated in sub-section (1) of section 60, and-
(a) the amount shown as tax charged in the tax invoice exceeds the actual tax charged in respect of the sale concerned, the seller shall provide the purchaser with a credit note within three months of the sales of goods involved in the transaction, containing such particulars as may be prescribed;
(b) the actual tax charged in respect of the sale concerned exceeds the tax shown in the tax invoice as charged, the seller shall provide the
purchaser with a debit note, containing such particulars as may be prescribed:
Provided that –
(i) not more than one credit note or, as the case may be, debit note shall be issued for the amount in excess;
(ii) no credit note shall be issued for the amount in excess which arises when the purchaser avails of the discount offered by the seller.
62. (1)Every dealer liable to pay tax under this Act, and every other dealer on whom a notice has been served to furnish returns under sub-section (2) of section 29 shall maintain at his place of business a true account of the value of goods purchased, sold, supplied and delivery of goods made by him in such form and in such manner as may be prescribed.
(2)If the Commissioner considers that such account is not sufficiently clear and intelligible to enable him to make a proper scrutiny of the returns referred to in section 29, he may require such dealer by notice in writing to keep such accounts (including records of purchases and sales) in such form and in such manner as may be specified therein.
(3) The Government may, direct any class of registered dealers generally to keep such accounts (including records of purchases and sales) in such manner as may be prescribed.
Accounts to be audited in certain cases.
63. If in respect of any particular year, total turnover of a dealer exceeds rupees one crore, then such dealer shall get his accounts verified and audited by a specified authority within one year from the end of that year and obtain within that period a report of such audit in the prescribed form duly signed and verified by such specified authority alongwith such particulars as may be prescribed. A true copy of such report shall be furnished by such dealer to the Commissioner within such period as may be prescribed.
Explanation.-- For the purposes of this section,-
(a) "specified authority" means,-
(i) a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 and includes persons who by virtue of the provisions of sub-section (2) of section 226 of the Companies Act, 1956, is entitled to be appointed to act as an auditor of companies;
(ii) a Cost Accountant within the meaning of the Cost and Works Accountants Act, 1959;
(iii) a legal practitioner or a Sales Tax Practitioner whose name is entered in the list maintained by the Commissioner in accordance with the provisions of section 81.
(b) “total turnover” shall have the same meaning as given in Explanation below sub-section (1) of section 3.
(2) If any dealer liable to get his accounts audited under sub-section (1) fails to furnish a true copy of such report within the prescribed time the Commissioner shall, after giving the dealer a reasonable opportunity of being heard, impose on him, in addition to any tax payable, a sum by way of penalty not exceeding rupees ten thousand, as he may determine.
Preservation of records.
64. The dealer shall preserve his books of accounts and the records relevant for the purpose of this Act till the period of eight years from the end of the accounting year to which the books of accounts and the records relate.


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