A registered person must keep a record in English or Urdu of all the goods and services supplied, purchased or imported in the course of business.
The record of sales should indicate the following details of goods supplied or services rendered:
At the end of each month, a registered person must add up the sales tax shown in these records, and transfer the total to sales tax account as output tax.
The record of purchases and imports should indicate the following details of goods purchased or received or services hired:
All payment so receipts of amount of sales tax on purchases or supplies above Rs. 50,000 (except utility bills) should be made through bank instruments indicating specified bank accounts of both the persons i.e., sellers and purchasers. It is recommended that records/ photocopies of all bank instruments through which payments of sales tax are made or received must be kept along with bank statements for the purpose of compliance of section 73 of the Act and to avoid audit complications.
A registered person should also keep record of:
A registered person is required to maintain a record and documents for a period of six (6) years after the end of the tax period to which such record and documents relate.
The electronic sales tax return and its relevant attachments, if any, shall be kept in electronic record of the registered person and shall be produced to the officer-in-charge on demand along with the supportive documents. If the delay is beyond 15 days, a penalty of Rs.5000/month is payable.
A taxpayer shall issue a letter of authorization, duly signed by the proprietor, partner or director of the company or, business concern, which shall be submitted by the authorized representative before the adjudicating authority or Appellate Tribunal.
Active Taxpayer List (ST) is a central record of online active Sales Tax Return filers.
Federal Excise Duty (FED) concepts would not only ensure that the tasks are performed easily but also in the prescribed manner.