TaxTMI 
TaxTMI 
Daily production report under preview of excise law.
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....aily production report under preview of excise law.<br> Query (Issue) Started By: - Arunachalam siva Dated:- 24-2-2017 Last Reply Date:- 28-2-2017 Central Excise<br>Got 11 Replies<br>Central Excise<br>What is importance of daily production report under excise law?. is it mandatory? and is there any reference to rule,act,circular/notification?. Reply By KASTURI SETHI: The Reply: Yes. It is mandat....
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....ory under Rule 10 of Central Excise Rules, 2002. Reply By Ganeshan Kalyani: The Reply: I agree with the views of Sri Kasturi Sir. Thanks. Reply By YAGAY AND SUN: The Reply: Rule 10 only says recording in DSA. It never say about Daily Production Slips. There was mention about the Production Slips in old Rules but now there is no relevance of DPSs. Rule 10 is reproduced here for your ready ref....
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....erence:- 10. Daily stock account.- (1) Every assessee shall maintain proper records, on a daily basis, in a legible manner indicating the particulars regarding description of the goods produced or manufactured, opening balance, quantity produced or manufactured, inventory of goods, quantity removed, assessable value, the amount of duty payable and particulars regarding amount of duty actually p....
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....aid. (2) The first page and the last page of each such account book shall be duly authenticated by the producer or the manufacturer or his authorised agent. (3) All such records shall be preserved for a period of five years immediately after the financial year to which such records pertain. 1[(4) The records under this rule may be preserved in electronic form and every page of the record so pre....
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....served shall be authenticated by means of a digital signature. (5) The Board may, by notification, specify the conditions, safeguards and procedure to be followed by an assessee preserving digitally signed records.] Reply By KASTURI SETHI: The Reply: Dear Querist,. PL. Note the first line of Rule 10,. "--------shall maintain proper records on a daily basis ------------.". It will solv....
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....e your problem. Reply By Ganeshan Kalyani: The Reply: I agree with Sri Kasturi Sir. Reply By YAGAY AND SUN: The Reply: It is DSA i.e. Daily Stock Account but not the Production Slips. Gone are those days, when Production Slips were used to be prepared. Reply By Ganeshan Kalyani: The Reply: The Querist did not mentioned about production slip in his query. In fact he is seeking clarification a....
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....s regard production report. The production report is possible to derive only when proper accounts is maintained as clearly emphasised by an expert Sri Kasturi Sir. Thanks. Reply By MUKUND THAKKAR: The Reply: What is importance of daily production report under excise law. let me explain on what basis you will enter your production details in daily stock account (RG-1) ? monthly return. ER-1. you....
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.... need Documentary evidence. your RG-1 is documentary evidence and your daily production report is sub evidence of RG-1. I one again 100% agree with Sh. kasturi Sethji .. he was spend his more than 35 years in Excise dept.. Reply By YAGAY AND SUN: The Reply: There is relevance of maintaining Daily Production Report as there is no mention in any Rule,Circular and in Notification about this. Howev....
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....er, on yearly basis there is a requirement to furnish a list of Private Records maintained by the assessee. Rule 10 says the DSA must be maintained on daily basis. Reply By Arunachalam siva: The Reply: Dear all experts Thank you very much for valuable reply. Now i got the conclusion that there is no requirement of daily production report/slip as per excise law. The DSA is mandatory under 10 of....
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.... CER 2002. Thanks and regards Arunachalam Reply By MUKUND THAKKAR: The Reply: it is Human tendency always searching short cut.. any way you choose what ever you want to heard. all the best for future litigation..<br> Discussion Forum - Knowledge Sharing ....