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Time limit for keeping records
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....ime limit for keeping records<br> Query (Issue) Started By: - SUBRAMANIAN IYER Dated:- 5-10-2009 Last Reply Date:- 13-10-2009 Central Excise<br>Got 3 Replies<br>Central Excise<br>What is the maximum number of years for keeping the records of excise / service tax for an EOU? Reply By Rama Krishana: The Reply: The period is 5 years generally in each case. But it is important that 5 years to be coun....
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....ted from which date. I think 5 years must be counted from the date or period in which liability arises or event occurs. For an example, you have imported some material without payment of duty. You failed to use that material as per the permission or scheme of EOU and you divert that material to DTA without payment of duty. Your period of 5 years would be counted from the date of diversion of said ....
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....material to DTA in contravention of provisions. Reply By R.S. Mangal: The Reply: Though for a normal unit 5 years are sufficient for keeping the record of Central Excise, Service Tax,however, it would be in the interst of the unit to keep the record of at export and duty free procurement for the entire tenure till it is debonded. Such record will help in getting debonding facilitated when such fig....
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....ures are required to be verified by the CE and Development Commissioner. Reply By DEV KUMAR KOTHARI: The Reply: Shri Ram Krishna and Shri R.S.Mangal has replied on general need to keep records. Please check the period, the pending cases or proceedings and likely disptes which can be raised by revenue. There is no harm in keeping records for longer period. In case of space shortage, scanned docume....
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....nt of important matters can be kept.<br> Discussion Forum - Knowledge Sharing ....