Accounts to be maintained by dealers (1) Every dealer including a dealer exempted from tax on payment of fee under any provision of the Act shall keep and maintain a true and correct account showing the value of the goods sold and bought by him, and in case the accounts maintained in the ordinary course do not show the same in an intelligible form, he shall maintain true and correct account in such form as may be prescribed in this behalf:
PROVIDED that this section shall not apply to such dealer as are not liable to taxation under this Act.
(2) A manufacturer liable to pay tax under this Act shall, in addition to the accounts referred to in sub-section (1), maintain stock books in respect of raw materials as well as the products obtained at every stage of production:
PROVIDED that in the case of any class of manufacturers, the aggregate of whose turnover as referred to in clauses (a) to (d) of sub-section (2) of section 3, in an assessment year does not exceed five lakh rupees, the Commissioner and in any other case the State Government may relax the requirements of this sub-section subject to such conditions and restrictions as he or it may deem fit to specify.
(3) The accounts and the stockbooksrequired tobe maintained under sub-section (1) or sub-section (2) shall be preserved by the dealer or, as the case may be, by the manufacturer for such period as may be prescribed.
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