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The Government has amended the Central Excise Rules, 2002 vide notification no. 34/2004-CE(N.T.) dated 1/11/2004 requiring the manufacturers of excisable goods to file an Annual Financial Information Statement once in a year by 30th November of the succeeding year. The Annual Financial Information Statement is required to be filed only by about 5% of the registered units who pay revenue of Rs. 1 crore and above in the preceding financial year.
At present, Central Excise assessees are not furnishing any financial information. Statutory records have been abolished. The scheme of self-assessment and self-removal is followed by the manufacturers. The monthly return filed by assessee is a one page simplified return which does not contain requisite details.
The purpose of the Annual Financial Information Statement is to collect essential financial information only from major asseesees for selection of units for audit. The recognised international practice is to formulate parameters based on financial information and selecting units for Audit using those parameters. This facilitates selective and focused audit and eliminates routine checks.
As the requirement of filing the Annual Financial Information Statement is restricted only to those assessees who pay an annual revenue of Rs. 1 crore and above in the preceding financial year and all other assesses are exempted from the requirement of filing the said statement, the total number of assesses who may be required to file such statements would be about 5000 as against the total registered units exceeding one lakh.
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