40. Dealers to issue bills, invoices or cash memoranda

(1) Every registered dealer, for each sale made by him shall issue to the purchaser, a bill, invoice or a cash memorandum including machine generated bill, invoice or a cash memorandum signed and dated by such dealer containing prescribed particulars including the amount of tax collected. Every such dealer shall also maintain a counterfoil or duplicate of each bill, invoice or cash memorandum issued by him with signature, date and all other aforesaid particulars and shall preserve it for a period of not less than five years from such date or till the completion of assessment whichever is earlier.

Provided that a bill, invoice or cash memorandum may not be issued where sale of any goods of value not exceeding rupees one hundred is made to any person other than a registered dealer.

(2) If a registered dealer contravenes the provisions of sub-section (1), the Commissioner may, after giving such dealer an opportunity of being heard, direct him to pay by way of penalty a sum of rupees one hundred for each sale in respect of which such contravention has taken place subject to a maximum of rupees five thousand.