Records [Rule 5 of Service Tax Rules, 1994] :

(1) No prescribed nature and form of records to be maintained: The records (including computerised data) as maintained by an assessee in accordance with various laws in force from time to time shall be acceptable. It implies that the nature of records to be maintained and the form in which the records are to be maintained are left at the judgment of the assessee [Sub-rule (1)].

(2) List of accounts to be furnished to the Superintendent of Central Excise: Every assessee shall furnish to the Superintendent of Central Excise, at the time of filing of return for the first time, a list in duplicate, of-

(i) all the records prepared or maintained by the assessee for accounting of transactions in regard to-

(a) providing of any service;

(b) receipt or procurement of input services and payment for such input services;

(c) receipt, purchase, manufacture, storage, sale, or delivery, as the case may be, in regard of inputs and capital goods;

(d) other activities, such as manufacture and sale of goods, if any.

(ii) all other financial records maintained by him in normal course of business. [Sub-rule (2)]

(3) Preservation of records: All the records maintained by an assessee in this regard shall be preserved at least for a period of 5 years immediately after the financial year to which such records pertain [Sub-rule (3)].

E-preservation of records: Records under rule 5 may be preserved in electronic form and every page of the record so preserved would be authenticated by means of a digital signature [Sub-rule (4)]. The Board may specify the conditions, safeguards and procedure to be followed by an assessee preserving digitally signed records [Sub-rule (5)].

(i) The expression “authenticate” shall have the same meaning as assigned in the Information Technology Act, 2000. (ii) The expression “digital signature” shall have the meaning as defined in the Information Technology Act, 2000 and the expression “digitally signed” shall be construed accordingly.”