(1) Taxation of used goods shall be done only on the difference between the sale price and the purchase price of such goods. The seller of such items shall prepare and keep the following permanent records at the time of purchase or sale of such items.
(a) Relating to Procurement (a) Purchase Date,
(b) Mention of the type of transaction in which there is complete information about the object,
(e) Purchase Price exclusive of Taxes,
(e) Rate of Tax,
(g) Amount of tax,
(he) Total amount paid.
(b) Relating to Sale
(a) Date of sale,
(b) Selling price exclusive of tax,
(e) the difference between the purchase price and the sale price,
(e) Rate of Tax,
(g) Amount of tax,
(he) Total amount received.
(2) The purchase price referred to in sub-rule (1) shall mean the price inclusive of tax.
(3) When selling every item that has been used, invoices shall be issued and separate records of purchase and sale shall be kept.
(4) If the records mentioned in sub-rules (1), (2) and (3) are not kept satisfactorily by the registered person, the tax officer may issue a written order to levy tax on the gross sales price of such taxpayer and file such tax along with another tax return. .