(1)Every registered dealer and every dealer liable to pay tax under this Act shall maintain correct account of his purchases, sales and stocks showing value, of different kinds of goods subject to different rates of tax under this Act.(2)[ Every dealer whose turnover in a year exceeds rupees [sixty lacs] [Substituted by M.P. Act No. 12 of 2006.] shall get his account audited by a Chartered Accountant and furnish the report of such audit in such manner and within such time as may be prescribed :][Provided that a dealer who is an industrial unit having annual turnover of upto ten crore rupees may get his accounts audited by a member of Institute of Cost and Works Accountants of India.] [Inserted by M.P. Act No. 22 of 2006.](3)If the Commissioner considers that the accounts maintained by any dealer or any class of dealers do not sufficiently enable him to verify the returns referred to in sub-section (1) of Section 18 or the assessment cannot be made on the basis thereof, he may by an order, require any dealer or by notification any class of dealers, to keep such accounts including records of manufacture, sales, purchases or transfers in such form and in such manner as he may, subject to rules made under this Act, direct.(4)If the Commissioner considers that any class of dealers are not in a position to maintain accounts in accordance with the provisions of sub-section (1), he may, for reasons to he recorded in writing, exempt such class of dealers from the operation of the provisions of the said sub-section.(5)[ If a registered dealer fails to furnish the report as required under sub-section [(2)] [Inserted by M.P. Act No. 9 of 2009.] in respect of a year within the time prescribed, the Commissioner may, after giving such dealer an opportunity of being heard, direct him to pay by way of penalty a sum equal to 0.1 per cent of the turnover in the year or rupees ten thousand, whichever is less.]
