(1) The tax of the goods already used shall be assessed only on the balance between the selling price and cost price. The seller of such goods has to prepare the following permanent records at the time of buying or selling such goods.
(A) Relating to purchase:
(a) Date of purchase,
(b) Details giving full information of the goods,
(c) Cost price excluding tax,
(d) Rate of tax,
(e) Amount of tax,
(f) Total amount paid.
(B) Relating to sale:
(a) Date of sale,
(b) Selling price except tax,
(c) Difference between cost price and selling
price,
(d) Rate of tax,
(e) Amount of tax,
(f) Total amount received.
(2) The cost price as mentioned in Sub-rule (1) shall include the cost with tax.
(3) If the cost price of each of the already used goods exceeds Ten Thousand Rupees, separate records of purchase or sale have to be maintained.
(4) If any registered person is not found to have maintained the records as mentioned in Sub-rules (1), (2) and (3) in a satisfactory manner, the Tax Officer may issue a written order imposing tax on total selling price of the goods sold by such taxpayer and require payment of such tax along with other tax return.