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TMI BlogDispensing with maintenance of records in a specific format prescribed by the Central Excise Department and acceptance of records maintained in the normal course by the factories paying Central Excise duly exceeding Rs. 5 crores from accountX X X X Extracts X X X X X X X X Extracts X X X X ..... s paying Central Excise duly exceeding Rs. 5 crores from account - Regarding - I am directed to say that in Para 68 of the Budget Speech (1999-2000), the Finance Minister had announced that the factories paying more than 5 crores excise duty in a year will not be required to maintain their records in a specific format prescribed by the Excise Department. The records maintained in the normal course of their functioning would be accepted as adequate. 2. The Board has examined the matter in consultation with Directorate General of Inspection (Customs & Central Excise). 3. Clause (a) read with clause (c) of Sub-rule (4) of Rule 173G already provides that the Commissioner may direct, in respect of any assessee or class of assessees that all b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcise of powers conferred by Rule 233 of the Central Excise Rules, 1944, the Board has decided the following :- a factory which is covered by Chapter VII-A of the Central Excise Rules, 1944 and has paid central excise duty exceeding Rs. 5 crores from the account current in the preceding financial year or whose payment of central excise duty from account current exceeds Rs. 5 Crores in the current financial year, may maintain his own books of accounts in lieu of statutory records. It is clarified that this excisable goods on which duty is levied under Section 3A of the Central Excise Act, 1944, hundred percent export-oriented undertakings, Software Technology Parks, Electronic Hardware Technology Parks and Free Trade Zones. These accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... private records shall be preserved for a minimum period of 5 years (the year to which entries pertain, shall be excluded while calculating this period) The copy of Personal Ledger Account, RG-23A part-I & Part-II and RG-23C Part-I & Part-II (portion relating to the relevant month) shall continue to be submitted along with self-assessed RT-12 return to the Department. It is further clarified that the Excise Control Code (ECC) number allotted to the asssessees will be remain the same. These instructions shall come into effect from the 1st June, 1999. The assessees who intend to adapt their private records to the Central Excise requirements may continue to maintain the records in the statutory format for the time being. In any case mainten ..... X X X X Extracts X X X X X X X X Extracts X X X X
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