(1) If a registered dealer sells any goods, he may issue to the purchaser a tax invoice containing such particulars as are specified in sub-section (2) and retain a copy thereof for eight years from the end of the year in which the sale took place.

(2) The tax invoice issued under sub-section (1) shall contain the following particulars on the original as well as on all the copies thereof, -

(a) the words "tax invoice" in bold letters at the top or at any prominent place,

(b) the name, address and registration certificate number of the selling dealer as well as the name, address and the registration certificate number of the purchasing dealer,

(c) an individual serialised number and the date on which the tax invoice is issued,

(d) description of the goods, the quantity or as the case may be, number and price of the goods sold and the amount of tax charged thereon indicated separately, and

(e) signed by the selling dealer, or his servant, manager or agent duly authorised by him.

(3) When a dealer liable to pay tax under this Act, sells any goods to any person, he shall issue to the purchaser either a tax invoice or a bill or cash memorandum serially numbered, signed and dated by him or his servant, manager or agent and showing therein such other particulars as may be prescribed. He shall keep a counterfoil or duplicate of such bill or cash memorandum duly signed and dated, and preserve it for a period of eight years from the end of the year in which the sale took place:

Provided that, where the value of the goods sold in a single transaction is rupees fifty or less, then it shall not be necessary to issue the said bill or cash memorandum.

(4) Nothing contained in sub-section (1) or (2) shall apply to a dealer who is paying tax by way of composition under sub-section (1) or (2) of section 42.

(5) Any dealer may apply to the Commissioner to permit him to maintain the records of the bills or cash memorandum on such electronic system as may be approved by the Commissioner. On such permission being granted, the dealer shall stand exempted for the purposes of sub-section (3) regarding keeping counterfoils or duplicates of the said bills or cash memorandum and of signing the bill or cash memorandum.

(6) A registered dealer, shall in respect of every sale made by him issue either a tax invoice or bill or cash memorandum as provided under sub-section (1) or (3).