Procedure to dispose off Excise Invoice after 5 years, Central Excise

[SANDESH SHINDE]

Dear Sir,

Please provide us the procedure to dispose off the Excise records after 5 years.

Posts / Replies

[Rajagopalan Ranganathan]

Sir,

Sub-rule (3) of Rule 10 of Central Excise Rules, 2002 stipulates that " all such records shall be preserved for a period of five years immediately after the financial year to which such records pertain". The term "all such records" means stock account, invoices, copies if periodical returns filed etc.

[YAGAY AND SUN]

However, if any litigation is pending then such record needs to be preserved till such matter attains finality. It is a settled legal position.

[Ganeshan Kalyani]

In my understanding the law provides provided for maintenance of records , but it does not mention about the method of destroying the records after keeping it for prescribed time period. Thanks.

[MARIAPPAN GOVINDARAJAN]

The Act provides statutory time limit as told by Shri Ranaganathan Sir. Disposal of records is at your own convenience.

[Ganeshan Kalyani]

What are the ways the corporate offices destroy the records that are old.

Paper shredder is a machine which cuts the paper into small pieces.

Burning out the papers.

Etc.

[YAGAY AND SUN]

Provision of Company Law read with other allied laws which are for the time being in force must be complied with in such matters.