CENVAT credit recovery procedure imposes staggered payment and specified interest obligations on assessees for previously availed credits. The amendment establishes a recovery procedure for CENVAT credit of additional duty where credit would not have been available, requiring a notice and declaration of credit utilised, determination of utilised credit and separately computed interest at thirteen per cent per annum to a specified cut off, written notification of amounts by the Central Excise Officer, monthly one thirty sixth installment payments with prepayment allowed, issuance of a discharge order upon full payment, and modified show cause proceedings where declarations or payments are not made.
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Provisions expressly mentioned in the judgment/order text.
CENVAT credit recovery procedure imposes staggered payment and specified interest obligations on assessees for previously availed credits.
The amendment establishes a recovery procedure for CENVAT credit of additional duty where credit would not have been available, requiring a notice and declaration of credit utilised, determination of utilised credit and separately computed interest at thirteen per cent per annum to a specified cut off, written notification of amounts by the Central Excise Officer, monthly one thirty sixth installment payments with prepayment allowed, issuance of a discharge order upon full payment, and modified show cause proceedings where declarations or payments are not made.
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