Dispensing with maintenance of records in a specific format prescribed by the Central Excise Department and acceptance of records maintained in the normal course by the factories paying Central Excise duly exceeding Rs. 5 crores from account

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.... paying Central Excise duly exceeding Rs. 5 crores from account - Regarding - I am directed to say that in Para 68 of the Budget Speech (1999-2000), the Finance Minister had announced that the factories paying more than 5 crores excise duty in a year will not be required to maintain their records in a specific format prescribed by the Excise Department. The records maintained in the normal course of their functioning would be accepted as adequate. 2. The Board has examined the matter in consultation with Directorate General of Inspection (Customs & Central Excise). 3. Clause (a) read with clause (c) of Sub-rule (4) of Rule 173G already provides that the Commissioner may direct, in respect of any assessee or class of assessees that all bo....

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....cise of powers conferred by Rule 233 of the Central Excise Rules, 1944, the Board has decided the following :- a factory which is covered by Chapter VII-A of the Central Excise Rules, 1944 and has paid central excise duty exceeding Rs. 5 crores from the account current in the preceding financial year or whose payment of central excise duty from account current exceeds Rs. 5 Crores in the current financial year, may maintain his own books of accounts in lieu of statutory records. It is clarified that this excisable goods on which duty is levied under Section 3A of the Central Excise Act, 1944, hundred percent export-oriented undertakings, Software Technology Parks, Electronic Hardware Technology Parks and Free Trade Zones. These accounts w....