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Records and Returns, Introduction Private records, CENVAT Credit Rules, 2001 and other Rules issued under Central Excise Act, 1944.

Private records


  1. Introduction

    1.1 Records are to be necessarily maintained in the course of any business activity. These records are also used to determine the tax liability of the assessee. Earlier, for this purpose the Government had prescribed the records to be maintained, referred to as ‘Statutory records’. The statutory records under Central Excise Rules, 1944 were dispensed with in the year 2000 and it was decided to rely on private records of the assessee. This was done as a measure of simplification and for adopting a common accounting system. While framing the Central Excise (No.2) Rules, 2001 (hereinafter referred to as the said Rules), CENVAT Credit Rules, 2001 and other Rules issued under Central Excise Act, 1944, the Government has continued with the policy of relying on the private records of the assessee.
  2. Private records

    2.1 The main features of the acceptance of private records are as below: -
    1. The fact that the rules do not prescribe ‘statutory records’ shall not be construed that no record has to be maintained. Every assessee shall maintain private record.
    2. the rules which require certain records to be maintained, are self contained and they specify the minimum information that an assessee MUST enter in their own record;
    3. 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 unit or a unit in /FTZ/SEZ 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-11.
    4. This means that the assessee is free to device his record-keeping, depending upon his accounting requirements but shall ensure that the requirements of particular rules are met;
    5. 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 value, the amount of duty payable and particulars regarding amount of duty actually paid. The first page and the last page of each such account book shall be duly authenticated by the producer or the manufacturer or his authorised agent. All such records shall be preserved for a period of five years immediately after the financial year to which such records pertain.
    6. There is no requirement of ‘authentication’ of records by jurisdictional Central Excise Officer before a book/register is brought into use by an assessee. These records (relevant for Central Excise) shall, however, be authenticated on the first and last page by the assessee in the same manner as the Daily Stock Account. They shall also be preserved for a period of five years immediately after the financial year to which such records pertain.
    7. Every assessee is statutorily required to furnish to the Range Officer, a list in duplicate, of all the records prepared or maintained by him for accounting of transactions in regard to receipt, purchase, manufacture, storage, sales or delivery of the goods including inputs and capital goods.
    8. Every assessee shall, on demand make available to the Range officer duly empowered by Commissioner or the audit party deputed by the Commissioner or the Comptroller and Auditor General of India,-
      1. the records maintained or prepared by him in terms of sub-rule (2) of rule 22 of the said Rules;
      2. the cost audit reports, if any, under section 233B of the Companies Act, 1956 ( 1 of 1956); and
      3. the Income-tax audit report, if any, under section 44AB of Income-tax Act, 1961 ( 43 of 1961),
      4. for the scrutiny of the officer or audit party, as the case may be.
    9. Every assessee who is having more than one factory and maintains separate records in respect of every factory for the purpose of audit, then, he shall produce the said records for audit purposes.

    2.2 Records shall mean all the records prepared or maintained by the assessee for accounting of transactions in regard to receipt, purchase, manufacture, storage, sales or delivery of the goods including inputs and capital goods. All accounts, agreements, invoice, price-list, return, statement or any other 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, 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 attracted. Trade and industry are advised to ensure that the requisite information as required under amended rules is scrupulously maintained in their identified private records to avoid any penal action.

    2.5 The private records relevant for Central Excise including the Daily Stock Account maintained in compliance with the provisions of the said Rules shall necessarily be kept in the factory to which they pertain.

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