Time limit for keeping records

[SUBRAMANIAN IYER]

What is the maximum number of years for keeping the records of excise / service tax for an EOU?

AI Summary

Export Units Should Retain Tax Records Until Debonding; Consider Digital Storage for Longer-Term Disputes The discussion revolves around the time frame for retaining records of excise and service tax for an Export-Oriented Unit (EOU). Generally, records should be kept for five years, counted from the date of liability or event occurrence. However, it is suggested that records related to exports and duty-free procurement be maintained for the entire duration until debonding, as they may be needed for verification. Additionally, it is advisable to keep records longer than five years, especially if there are pending cases or potential disputes, and to consider digital storage for important documents.