Sales Tax Records

What is the Sales Tax  Record?

Being a Businessman, it is really necessary, that you need to keep a record of everything regarding supplies, goods, sales, purchase, and imports. And that is the main thing you needs to understand about Sales Tax Records, that keeping track of all these things is indirectly linked to Sales Tax as well. And the reasons behind this is that everything that you order, or purchase, sell, or import is connected to paying off Sales Tax. While making these records there are a few things that you need to keep in mind like Quantity of Goods, Complete description, Total Tax to pay, and for Supplies include location and name of company or induvial as well. And each month, in the end, someone will add up your record in your Sales Tax account which is considered as your output tax.

Now if you are going to keep the record for Imports or the purchases then you need to keep things like Tax Price paid, Supplier’s Registration number, name and address, Quality of Supplies, amount of supplies purchased, and its description. Furthermore, you also need to assign a task to a Registered person to keep track of supplies with no Tax Rates, Salaries, Utility Bills, rents, Agreements, invoices, bank statements, sales, and purchase. All of these records should be kept online with that person, and after six-year, these records should be presented to the officer that is in charge at that moment. And if there is a delay for more than two weeks then there will be a fine of Rs 50,000 and it will raise with every passing month.

Requirements

Company Existence

Business Name

Track of Supplies

Record of Purchase

Record of Sales

Record of Imports

Solutions
  • We offer you to make and maintain the Sales Tax Record for your company.

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