Can we update RG1 register for purchase of goods without excise type of taxes.
Can we update RG1 register for purchase of goods without excise type of taxes.
Dear Mr.Gupta,
Under Excise it is not required to maitain in RG-1 for Non-excisable Purchases
Rajeev
In fact RG-1 is daily stock account of finished goods manufactured by the assessee. It is not required to be updated for any purchase.
Rg1 register is DSA (Daily Stock Account)
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 payableand particulars regarding amount of duty actually paid.
If the full batch for a finished product is not manufactured completely and next day that batch is completed, when should the entry be done for these goods in RG1 register.
either on full completion or part completion ???
Re RG1-DSA
Wanted a confirmation wether the register is to be generated datewise - all items put together or each item datewise.
Also need to clarify if there has been no production or sale i.e. no transactions for a particular day still we have to show that day as a record with zero production or removal?
Please confirm
Yes, RG-1 is prepared on daily base if there is no production then that day's record can shown with zero production or removal & we have to maintain this as per Manfactured item wise or Tarriff wise for which we have registered.This detail also help in preparing relevant record eg.revenue fig.retuns etc.
| Originally posted by : Sanjay Singh | ||
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Re RG1-DSA Wanted a confirmation wether the register is to be generated datewise - all items put together or each item datewise. Also need to clarify if there has been no production or sale i.e. no transactions for a particular day still we have to show that day as a record with zero production or removal? Please confirm |
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Main sub heading wise pages for diff catagory of goods
production and clearance is to be entered in daily basis, however a general exemption was in force which was to be authenticated by R/O for exemption to make NIL entries. Get in touch with your R/O for such authorization for exempt the unit to make NIL entries.
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