Compliance Expertise

REGULATORY REQUIREMENTS UNDER CENTRAL EXCISE RULES READ WITH CENTRAL EXCISE ACT, 1944

1. Daily Stock Account:
   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 the amount of duty actually paid.
2. Filing of return:
   Every assessee shall submit to the Superintendent of Central Excise a monthly return in the form specified by notification by the Board, of production and removal of goods and other relevant particulars within ten days after the close of the month to which the return relates.
3. Credit of duty on goods brought to the factory:
   Where any goods on which duty had been paid at the time of removal thereof are brought to any factory for being re-made, refined, re-conditioned or for any other reason, the assessee shall state the particulars of such receipt in his records and shall be entitled to take CENVAT credit of the duty paid as if such goods are received as inputs under the CENVAT Credit Rules, 2002 and utilise this credit according to the said rules.