CENVAT credit adjustment: retrospective liabilities clarified and procedural powers strengthened including rulemaking and settlements mechanisms.

Amendments clarify no penalty for voluntary payment of duty short-paid under section 11A(2B) while preserving interest; broaden exclusion language and allow the Settlement Commission a written-record extension up to three months; adjust settlement eligibility; empower rulemaking to withdraw facilities or restrict CENVAT utilisation or suspend registrations to address evasion or misuse; and impose retrospective liabilities on manufacturers to repay CENVAT or specified duty credits attributable to inputs used in or in relation to exempted or nil-rated final products for defined historical dispute periods, with interest, and amend rule wording to "used in or in relation to."

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