CENVAT credit restriction: credit on inputs for exempt clearances may only fund duty on similarly exempted final products. The amendment provides that CENVAT credit of duty paid on inputs used in the manufacture of final products cleared after availing of specified excise ... Summary
CENVAT credit restriction: credit on inputs for exempt clearances may only fund duty on similarly exempted final products.
The amendment provides that CENVAT credit of duty paid on inputs used in the manufacture of final products cleared after availing of specified excise exemptions shall be utilised only for payment of duty on final products cleared after availing of those exemptions, with effect from 1 July 2001.
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