14 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 15 June 2011
RG-1 is mandatory to maintain in binding book system, as the daily stock/ production/clearance is entered time to time basis , so it can not be allowed to maintain post transaction.
at the time of clearance of goods, invoice is prepared prior to actual clearance, and RG-1(DSA) entry is made prior to actual clearance, hence if allowed to get maintained in excell sheet, it may promote evasion that party may not show the production and clearance of certain goods.
so DSA should be strictly maintained in binding form, and entries should be made prior to despatch of goods, for clearances, and at the end of day for manufacture,
soni chauhan
(Service)
(670 Points)
Replied 18 June 2011
@ Satya ....... Yes, in our company we are doing the same practice but we have given prior intimation to
range at bigining of the year .
ravi choksi
(article)
(112 Points)
Replied 18 June 2011
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. All such records shall be preserved for a period of five years immediately after the financial year to which such records pertain. This records prepared under rule 22(2) of CER 2001, 233B of Companies Act, are to made avialable to the concern authorities of Central Excise.
rutambh
(.....)
(217 Points)
Replied 21 June 2011
Dear Sathya,
As my view DSA (RG-I) is not mandatory to maintained, you can prepared it in excel sheet and take printout at the end of Month.
I think more expert opinions are required here even for other records like PLA, CENVAT account part-I and Part-II.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 22 June 2011
RULE 10. Daily stock account.— (1) Every assessee shall maintain proper records, on a daily basis, in a legible manner indicating the particulars regarding descripttion 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 paid.
(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.
mOhit rOhilla
(Audit Assistant)
(22 Points)
Replied 28 August 2014
can we maintain the DSA itemwise register or we are required to maintain all item details in single register...?
Venkatanarayana GM
(Partner associate at Hiregange & Associates)
(1279 Points)
Replied 28 August 2014
Dear Satya sir,
It is compulsory to maintain DSA as per Rule 10 of Central Excise rules 2002.
It can be maintained in softcopy in excel and whenever Dept. asks for verfication the same printout may be taken for their persual.
Further, I would like to highlight that, RG - 1 is nothing but sales register and DSA is Daily Stock Account. Excise dept. is concerned with production/manufacture & their removal and their sales as duty to be levied on removal & not on sales hence DSA is recommended. (Refer CBEC manual).
It can be maintained Tariff heading wise (Item wise) as the same would help the assessee while filing the excise returns.
Thanks a lot
Venkat
Venkatanarayana GM
(Partner associate at Hiregange & Associates)
(1279 Points)
Replied 28 August 2014
Further, I agree with soni chauhan sir,
We have to give intimation to the superintendent annually in advance and thereby ensuring no dispute from dept. in future.
Thanks
Venkat
saurav chhabra
(BUSINESS)
(114 Points)
Replied 05 March 2015
What kind of intimation do we have to furnish in the begining of F. Y to avoid the dispute with the department.
Ganesh Karad
(Export Documentation.)
(26 Points)
Replied 03 July 2016
What Is The Penalty for Not Properly Maintain of Daily Stock Register ?
Ganesh Karad
(Export Documentation.)
(26 Points)
Replied 03 July 2016
What Is The Penalty for Not Properly Maintain of Daily Stock Register ?
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 29 July 2016
| Originally posted by : Ganesh Karad | ||
 |
What Is The Penalty for Not Properly Maintain of Daily Stock Register ? |  |
in case of any visit by officers, they have liberty to assess any quantity on their own assumption and levy duty on it.
--------------------
Non-maintenance of daily stock account as contemplated under rules or other information mentioned in other rules by the assessee in his private records will mean contravention of specified rules attracting appropriate penal action. If such non-maintenance of records is with intent to evade payment of Central Excise duty, the more stringent penal provisions of the Central Excise Act and Central Excise Rules shall be attracted. Trade and industry are advised to ensure that the requisite information as required under amended rules is scrupulously maintained in their identified private records to avoid any penal action.
Juhi Thakur
(Student CS)
(31 Points)
Replied 03 January 2017
Dear sir,
Kindly confirm wether DSA is required for manufacturing unit who do not store their goods? the production in our organisation depends on number of purchase orders so do we require to maintain DSA Registers?
Juhi
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 04 January 2017
| Originally posted by : Juhi Thakur | ||
|
Dear sir, Kindly confirm wether DSA is required for manufacturing unit who do not store their goods? the production in our organisation depends on number of purchase orders so do we require to maintain DSA Registers? Juhi |
|
DSA represents , production, clearance as well as stock in hand on the "end of day" it also displays the quantity and value of cleared goods as well as duty paid or payable, alongwith invoice or clearance document details.
while filing ER1 or ER3, the quantity and value , with duty paid is the summery of DSA
it does not matter that manufacturer does not keeps the finish goods in stock, but finish goods comes in existance for a while on any specified date and then get cleared only, it does not get cleareed during the process line, without getting finished,
DSA or RG1 is a mandatory register for every assessee. and must be maintained on regular basis
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