Practising Cost Accountant. Core area- C
622 Points
Joined February 2008
Mr. Rahul,
Already you have got so many replies .
My interpretation is that under SRP the basic philosophy of excise rules changed in the year 2000, mainly to scrap statutory records and rely on records maintained by assessee. Now most of the Statutory records have been abolished , except a few records like DSA and Cenvat Credit , requirements of records have been prescribed but format is not prescribed.
Non maintenance of records as specified in rules will mean contravention of specied rules and will attract penal action (ch 6 Part I paras 2.1 and 2.4 of CBEC's CE Mannual, 2001.
Under Rule 22(2) all assessee should submit a list of duplicate, of all recods prepared to maintained by him.
Hope this will serve your purpose,
Thanks,
S. Banerjee