Records and Books Chapter- 04
The Board may require, a RP or class of registered persons to declare and use only as many number
of business bank accounts to make or receive payments on account of purchase and sale
transactions for the purpose of this Act or rules.
The Board may specify for any class of taxable persons registered to use such electronic fiscal cash
registers as are approved by the Board.
The Board may prescribe the procedure or software for electronically maintenance of records, filing of
sales tax returns or refunds and for any other matter by a person or class of such persons.
The registered persons, whose accounts are subject to audit under the Companies Ordinance, 1984,
shall be required to submit a copy of the annual audited accounts, alongwith a certificate by the
auditors certifying the payment of due tax by the registered person.- Tax invoices [U/S 23]:
A RP making a taxable supply shall issue a serially numbered tax invoice at the time of supply of
goods containing the following particulars in Urdu or English language, namely:-
(a) name, address and registration number of the supplier;
(b) name, address and registration number of the recipient and in case of supplies by manufacturer
or importer to unregistered distributor, the NIC or NTN of such unregistered distributors, as the
case may.
(c) date of issue of invoice;
(d) description including count, denier and construction in case of textile yarn and fabric and
quantity of goods;
(e) value exclusive of tax;
(f) amount of sales tax; and
(g) value inclusive of tax:
The Board may specify such modified invoices for different persons or classes of persons:
The person shall not issue more than one tax invoice for a taxable supply; and
Provided also that if it is subsequently proved that CNIC provided by the purchaser was not
correct, liability of tax or penalty shall not arise against the seller, in case of sale made in good faith.
No person other than a RP or a person paying retail tax shall issue an invoice.
A RP making a taxable supply may, subject to such conditions as specified by the Board may issue
invoices to another RP electronically, the manner and procedure for regulating the issuance and
authentication of tax invoices.- Retention of record and documents for six years [U/S 24]:
A person, who is required to maintain any record or documents under this Act, shall retain the record
and documents for a period of 6 years after the end of the tax period to which such record or
documents relate or till such further period the final decision in any proceedings for assessment,
appeal, revision, reference, petition and any proceedings before an alternative Dispute Resolution
Committee is finalized.- Access to records and documents etc. [U/S 25]:
A person who is required to maintain any record or documents under this Act or any other law shall,
as and when required by CIR, produce record or documents and provide access to such data which
are in his or his representative possession or control.
The officer of Inland Revenue authorized by the CIR, on the basis of the record, obtained, may once
in a year, conduct audit:
Where the CIR is satisfied that such registered person is involved in tax fraud or evasion of tax, he
may authorize an officer of Inland Revenue, not below the rank of Assistant Commissioner Inland
Revenue, to conduct an inquiry or investigation.