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What is the compliance under Excise?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Hello, I am a CA Intermediate | CA IPCC student from Bangalore. I want to know about the compliance under Excise. Sarath

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Following are the required to be done by registered assessee as per Central Excise Act, 1944. 1. Whether removal of goods from the factory is along with the invoice specified under rule 9 of central excise rules. 2. Maintenance of daily stock account as per rule 10 of central excise rules. 3. Availment of cenvat credit on goods and capital goods as per rule 3 and 4 of cenvat credit rules. 4. Payment of excise duty in respect of clearance made in the previous months as per rule 8 of central excise rules. 5. Filling of monthly reurns in form ER-1, before 10th of each month as per provisions of rule 12 of central excise rules. 6. Maintenance of Personal ledger account.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Compliance in case if you are a registered assessee under Central Excise Act having Central Excise registeration number you need to prepare and maintain the books according to the Central Excise Act, 1944 which provides maintenance of records of raw materials i.e., Form IV, details of finished goods and scrap and lastly, the filing of returns regularly therein.

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