TMI BlogRECORDS AND RETURNSX X X X Extracts X X X X X X X X Extracts X X X X ..... ) the rules which require certain records to be maintained, are self contained and they specify the minimum information that an assessee MUST enter in his own record; (iii) There is no format for record—keeping, except in the case of Rule 17 of the said Rules where it is provided that the 100% EOU shall maintain in proper form appropriate account relating to production, description of goods, quantity removed, duty paid and each removal shall be made on an invoice. This Format has been notified by Notification No. 59/2001-Central Excise (N.T.) Dated 6th August, 2001 and is given at Annexure-li (See Part 7). (iv) This means that the assessee is free to devise his record-keeping, depending upon his accounting requirements but shall ensure that the requirements of particular rules are met; (v) There is a specific requirement about maintenance of Daily Stock Account' in rule 10 of the said Rules. It provides that every assessee shall maintain proper records, on a daily basis, in a legible manner indicating the particulars regarding description of the goods produced or manufactured, opening balance, quantity produced or manufactured, inventory of goods, quantity removed, assessable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther source document ,whether in writing or in any other form shall be treated as records. Source documents are those documents which form the basis of accounting of transactions and include sales invoice, purchase invoice, journal voucher, delivery challan and debit or credit note. 2.3 Every assessee should be asked to furnish the list of all records prepared or maintained by him for accounting of transactions in regard to receipt, purchase, manufacture, storage, sales or delivery of goods including inputs and capital goods and receipt, procurement or payment of input services, if they have not done it so far. If there is any modification in the list, the same may be communicated to the Department as and when such modification takes place. 2.4 Non-maintenance of daily stock account as contemplated under rules or other information mentioned in other rules mentioned above by the assessee in his private records will mean contravention of specified rules attracting appropriate penal action. If such non-maintenance of records is with intent to evade payment of Central Excise duty, the more stringent penal provisions of the Central Excise Act and Central Excise Rules shall be attrac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the number of details required to be furnished in the returns. Further in the new returns, details of information about the excisable goods manufactured by an assessee is required to be furnished based on six digit sub-heading ( To be changed to 8-digit, once 8-digit code is in operation) on Central Excise Tariff Act, 1985 and not on the description of the goods. This shall facilitate online filing of returns and use of automation for collection, compilation and analysis of trade statistics. (Circular No. 747/63/2003-CE dated 22.09.2003) 2.4 A First Stage Dealer or Second Stage Dealer shall submit to the Superintendent of Central Excise a quarterly return within 15 days from the close of each quarter in the format prescribed vide Notification No. 73/2003-CE(N.T.) dated 15.09.2003 (See Annexure 13B in Part 7). 2.5 As duties payable on individual consignments need not be paid at the time of removal from the factory or approved place of storage, and sum total of this duty liability can be discharged on monthly basis, duties payable and the manner in which the actual duty payments are effected by the assessee, the interest payment - if any, where duties paid beyond permitted dates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... media, such as hard disk of computers, floppies, CDs or tapes and preserved. 1.4 The records, returns and documents should be in electronically readable format. This also means that a person who uses computerized system to generate records/books of accounts, returns etc., must keep the electronic record, even when a hard copy is kept. 1.5 The printouts (hard copies) of records and documents must be taken out at the end of each month and kept in bound folders, separately for each type of record, return, documents etc. 1.6 The person should ensure that proper back-up records are also maintained and preserved so that in the event of destruction due to unavoidable accidents or natural causes, the information can be restored within reasonable period of time. All such records, returns, invoices and other documents (both electronic and hard copy, including back-ups) shall be preserved for a period of five years (counted from the first day of the financial year following the financial year to which a record, return, invoice or document pertain). 1.7 It shall be incumbent upon a person (who maintains electronic records, returns, documents etc.) to produce, on demand, the relevant r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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