Rule 560-12-1-.23 - Preservation of Records(1) Every dealer is required to keep and preserve for a period of three (3) years following each taxable transaction such adequate and complete records as are necessary to determine the amount of tax for which he is liable. Such records shall include: (a) A daily record of all cash and credit sales, including any type of financing or installment plan in use, and amounts of taxes collected;(b) A record of the amount of all merchandise purchased, including all bills of lading, invoices, and copies of purchase orders;(c) A record of all deductions and exemptions claimed in filing sales or use tax returns; including exemption and resale certificates;(d) A record of all tangible personal property used or consumed in the conduct of the business;(e) A true and complete inventory of the stock on hand and its value, taken at least once yearly.(2) Such records shall be open for inspection and examination at all reasonable hours of the business day by the Commissioner or his duly authorized agents.(3) If an assessment has been made and an appeal to the Commissioner or to a Court is pending, books and records, as above specified, relating to the period covered by such assessment, must be preserved until the final disposition of the appeal.Ga. Comp. R. & Regs. R. 560-12-1-.23
Ga. L. 1937-38. Extra Sess., pp. 77, et seq., as amended; (Ga. Code Ann., Secs. 92-8405, 8406, 8409, 8427); Ga. L. 1951, pp. 360, 385 (Ga. Code Ann., Sec. 92-3438a).
Original Rule entitled "Preservation of Records of Dealers" was filed and effective on June 30, 1965.Amended: Rule repealed and a new Rule entitled "Preservation of Records" adopted. Filed August 26, 1974; effective September 15, 1974.