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TMI BlogHow to Maintain Records of Return MaterialX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir, as we are a manufacturing Proprietor Ship Firm at Haridwar (Uttarakhand). we have sold some Cosmetics Items to our Customer but after some Days the Customer is Sending Return Material. so i want to know how to maintain this return Qty in RG1 Register. how to do. Regards, Ajay SIngh - Reply By KASTURI SETHI - The Reply = Procedure is laid down under Rule 16(1) of Central Excise R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ules, 2002 . RG-1 Stock register is meant for finished goods. For proper accountal you can maintain Form V Register (Still available and being used by the assessees for their convenience). This register is meant for accountal of duty paid goods received back in the factory. - Reply By Ajay Singh - The Reply = Dear Sir, Thanks for your answer, can you please share the Format of Form V. so that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i can filled. Regards, Ajay Singh - Reply By KASTURI SETHI - The Reply = It is available on internet on some website.My clients are using this register. It is easily available from stationery sellers who sell CE forms like ARE 1, GAR 7 Challan , Job work challan, job work register etc.I have not pro forma at present. This register contains columns like. Serial No. 2.Name Address of party ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from whom received 3. Original Invoice No Date 4. Reasons for receiving back Whether require a Reprocessing, reconditioning Qty. Received Date of redesptach etc. There are two three more columns. - Reply By Ajay Singh - The Reply = Thanks for your co operation Regards, Ajay - Reply By YAGAY AND SUN - The Reply = Form V is no more statutory records now. - Reply By KASTURI SETHI - The R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eply = Dear Querist,. There is no ban or restriction of any kind for maintenance of old Form V register. It is now private register and equal to your books of Account. You should sign First and last page and give a certificate on first that this register contains 1 to. pages. It will be a legally valid register. Most of the assessees/manufacturers are maintaining this register. Not an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y wing of the department objects to this. Visiting officers are happy with because this register is convenient for both. It is very useful while getting audit conducted. - Reply By YAGAY AND SUN - The Reply = Contents of Form V can be used to develop a similar format in Computer Systems for better maintenance and further analysis purposes. - Reply By KASTURI SETHI - The Reply = Statutory re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cords - Dispensation of - Amendment of Central Excise Rules for dispensation of statutory records maintained by the manufacturers with effect from 1st July, 2000 and for other purposes Circular No. 536/32/2000-CX., dated 30-6-2000 - Reply By Rizwan Ullah - The Reply = Can 't we follow the procedure :- Rejected material can be received as such and entries can be made in RG- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 under the column other receipt that rejected material will be part of stock which can be reprocessed and dispatched again. Please educate .. - Reply By KASTURI SETHI - The Reply = I do not agree with you. RG-1 Register stands for finished goods only. - Reply By Rizwan Ullah - The Reply = Kasturi Sir, Generally practice is being followed where rejected goods are received as such , Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cise has never objected against it. These goods are re - processed and cleared as fresh finished goods on payment of fresh Excise Duty. We have column in RG-1 where finished goods and semi - finished goods details are maintained.. - Reply By KASTURI SETHI - The Reply = Dear Querist,. W.e.f. 1.7.2000 both Form V and RG-1 Registers are non-statutory records.These are private records now. I have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... told you the official purpose of both registers. These registers being private records, you can add or delete any column as per requirement. Nobody will object. The main purpose is accountal of production should be proper. Semi- finished column cannot be used for every final product. Some products require the column of semi- finished to be filled up. Column of semi- finished goods was created fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r recording of finished goods. - How to Maintain Records of Return Material - Query Started By: - Ajay Singh Dated:- 15-3-2017 Central Excise - Got 12 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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