State Act

The Daman and Diu Value Added Tax Regulation 2005

This Act was repealed on 26 January 2020 by the Dadra and Nagar Haveli and Daman and Diu (Repeal) Regulation, 2020 (5 of 2020), s.2(1) and Schedule item (1); it may still apply to matters that began before then.

48. (1) Every— (a) dealer; and (b) person on whom a notice has been served to furnish returns under section 27, shall prepare and retain sufficient records to allow the Commissioner to ascertain the amount of tax due under this Regulation, and to explain all transactions, events and other acts engaged in by the person that are relevant for any purposes of this Regulation. (2) Notwithstanding the generality of sub-section (1)— (a) every registered dealer shall preserve a copy of all tax invoices issued by him; (b) every dealer shall preserve the original of all tax invoices received by him; and (c) every person who has paid an amount of tax, interest, penalty or other amount due under this Regulation, shall preserve a copy of the challan evidencing the making of the payment. (3) Every dealer shall prepare and maintain the accounts and records in the manner and form as may be prescribed. (4) If the Commissioner considers that such records are not properly maintained to enable him to ascertain discharge of the obligations by the person under this Regulation, he may require such person by notice in writing to maintain such accounts (including records of purchases and sales) as may be specified in the notice. (5) The Commissioner may, by notification, direct any class of dealers, transporters or operators of warehouses to maintain such accounts (including records of purchases and sales) as may be specified in the notification. (6) Every person required to prepare or preserve accounts and records shall retain the required accounts and records for seven years after the conclusion of the events or transactions which they record unless any proceedings in respect of any event or transaction is pending in that case they shall be preserved till the final decision in those proceedings. (7) Any loss, if any, of accounts and records referred to in sub-section (6) shall be reported to the Police and the Commissioner within a period of fifteen days from the date of such loss.