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    <title>RECORDS AND RETURNS</title>
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    <description>Every assessee must maintain private records of receipts, purchases, manufacture, storage, removals and inputs/capital goods with source documents, preserve them for five years, and authenticate specified books; non maintenance of the Daily Stock Account or other required records attracts penal action and stronger penalties where evasion is intended. Assessees must file monthly or quarterly consolidated returns (E.R.-1/E.R.-3) detailing production, removals and CENVAT credit, and may maintain records electronically provided backups, monthly printouts, audit trails and production of authenticated electronic or hard copies on demand are ensured.</description>
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    <pubDate>Sat, 19 Jan 2008 23:16:00 +0530</pubDate>
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      <description>Every assessee must maintain private records of receipts, purchases, manufacture, storage, removals and inputs/capital goods with source documents, preserve them for five years, and authenticate specified books; non maintenance of the Daily Stock Account or other required records attracts penal action and stronger penalties where evasion is intended. Assessees must file monthly or quarterly consolidated returns (E.R.-1/E.R.-3) detailing production, removals and CENVAT credit, and may maintain records electronically provided backups, monthly printouts, audit trails and production of authenticated electronic or hard copies on demand are ensured.</description>
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