Retrospective amendment mandates payment of CENVAT credit for inputs in exempted goods, with interest and verification. The provision retrospectively amends rule 57AD to require manufacturers to pay an amount equal to the CENVAT credit attributable to inputs used in or in relation to manufacture of exempted or nil rated goods, submit an application within six months of assent with documentary evidence and a certificate from a Chartered Accountant or Cost Accountant, and subject such payments to interest and verification by the Commissioner; actions during the specified period are deemed validated and the Central Government is deemed to have retrospective rulemaking power, while no act is made punishable if it was not punishable prior to this section.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Retrospective amendment mandates payment of CENVAT credit for inputs in exempted goods, with interest and verification.
The provision retrospectively amends rule 57AD to require manufacturers to pay an amount equal to the CENVAT credit attributable to inputs used in or in relation to manufacture of exempted or nil rated goods, submit an application within six months of assent with documentary evidence and a certificate from a Chartered Accountant or Cost Accountant, and subject such payments to interest and verification by the Commissioner; actions during the specified period are deemed validated and the Central Government is deemed to have retrospective rulemaking power, while no act is made punishable if it was not punishable prior to this section.
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