auditable records and details

In course of audit, the following records and details may be checked. The importer is supposed to prepare these details and has to securely upkeep them so as to present those when asked for the purposes of audit.

These documents and records have to be presented within 7 days of demand made by the auditing officer for the purposes of audit.

·    Import declaration paper, receipt for the duty paid

·    Purchase account, sales invoice and sales account

·    Reserve details mentioning the quantities as well

·    Banking records concerning with the import and sale of goods

·    Balance sheet and profit-loss accounts, details of final reserves and other concerning particulars

·    In case the importer has maintained the details of transaction in computer system, such system

·    Other papers and details pertaining to import, storage and sales

·    Tax and income details submitted by the importer to the concerned Inland Revenue Office

·    Cash book and ledger

·    Physical examination of reserves of the importer

·    Cash flow statement and papers relating to expenditure

·    Bill of Lading/Airway Bill

·    Copies of letter of credit, bank statement

·    Copies of advance payment deed or payment slips

·    Documents of insurance, packing list, import and purchase bills, and other papers relating to the transaction of goods subjected to post clearance audit