107. Keeping of records and accounts.—

(1) Every taxpayer shall, in such form and manner as may be prescribed, keep, for a period of 5 (five) years, all accounts,

documents and other records of his economic activities so as to facilitate assessment of his tax liability and other obligations.

(2) Without prejudice to the extent of coverage of sub-section (1), the records maintained and accounts kept shall include the following documents, namely:—

(a) all statements of purchase of goods, services or immoveable property, whether taxable or exempted from tax, and all tax invoices related thereto;

(b) all statements of sale of goods, services or immovable property;

(c) all tax invoices, credit notes, debit notes, and integrated tax invoices and withholding certificates issued and received by such person;

(d) all customs documentation relating to imports and exports of goods by such person;

(e) all records showing, at any particular time, the prices at which the person sells the products manufactured by him, the input-output coefficient for such products, and all records of, discounts offered by the manufacturer of such products or, of credits;

(f) all records relating to the supply of services subject to supplementary duty or the manufacture of goods subject to supplementary duty and related documents;

(g) all treasury challans (receipts) showing the deposit of tax imposed or, where payment was made in ways other than by treasury challans (receipts), appropriate documentary evidence in support of such payments;

(h) all returns for every tax period; and

(i) any other prescribed documents or records .