Maintaning of part-I is compulosory or not

[Guest]

Dear Sir,

As we are a manufacturer of Exisable goods my query is, is this compulsory to maintain the part-1 register or not ?

Regards

Swapneswar

[KASTURI SETHI]

A manufacturer of excisable goods is to maintain account of raw material and that may be in any form i.e. erstwhile Form-IV, RG.23 Part.I or through books of accounts. Old registers have been dispensed with and it does not mean accountal of raw material is not required.

[MUKUND THAKKAR]

your inward and issue store records treated as part-1, need not maintain separately. but you have intimate dept regarding your private records.

[KASTURI SETHI]

Yes Sir. Intimation to the department is required to be given under Rule 22 of CE Rules, 2002.

[Ganeshan Kalyani]

The simplification has eased the assessee to a great extent.

AI Summary

Maintenance of Part I register: manufacturers must keep raw material accounts; private store records can suffice if the department is informed. Manufacturers of excisable goods must maintain accounts of raw materials; this may be by traditional registers, the erstwhile specified formats, or through books of account. Discontinuation of old registers does not remove the accounting obligation. Internal inward and issue store records can function as Part I, but the department must be informed of reliance on private records in place of the old register.