LAHORE: The service providers falling under the jurisdiction of Punjab Revenue Authority (PRA) are required to maintain records enlisted through provincial Finance Bill, 2020.
According to interpretation of Punjab Finance Bill 2020 by PwC A. F. Ferguson Chartered Accountants, the list of records, as provided under section 31, required to be maintained by a registered person, is proposed to include additional information and records, which is similar to the requirements provided under the (Federal) Sales Tax Act, 1990.
As a result of the proposed amendment, a registered person would be required to maintain and keep the following records:
a) record of services provided, including exempt services, indicating the description, quantity and value of service, name, registration number and address of the person to whom services were rendered and the amount of tax charged;
b) record of goods and services received, including exempt goods and services, indicating description, quantity and value of goods and services, name, address and registration number of the service provider or supplier of goods and the amount of the tax charged;
c) record of goods imported indicating the description, quantity and value of goods and the amount of tax paid on imports;
d) double entry accounts;
e) bank statements and banking instruments;
f) inventory records, utility bills, salary and labor bills, rent deeds and agreements;
g) record required to be maintained and the declarations filed under any other law for the time being in force; and
h) such other record as may be specified by the Authority.
