CENVAT credit retrospective amendment requires manufacturers to remit attributable input credit with prescribed interest and verification. The amendment treats rule 6 of the CENVAT Credit Rules, 2002 as retrospectively amended to require manufacturers to pay the CENVAT credit attributable to inputs used in or in relation to manufacture of exempted or nil-rated goods, with interest; electing persons must apply to the Commissioner within six months with documentary evidence and a Chartered Accountant or Cost Accountant certificate, the Commissioner must verify payment within two months and may call for differential payment with interest within ten days, and actions during the specified retrospective period are declared valid as if the amendment had always been in force.
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CENVAT credit retrospective amendment requires manufacturers to remit attributable input credit with prescribed interest and verification.
The amendment treats rule 6 of the CENVAT Credit Rules, 2002 as retrospectively amended to require manufacturers to pay the CENVAT credit attributable to inputs used in or in relation to manufacture of exempted or nil-rated goods, with interest; electing persons must apply to the Commissioner within six months with documentary evidence and a Chartered Accountant or Cost Accountant certificate, the Commissioner must verify payment within two months and may call for differential payment with interest within ten days, and actions during the specified retrospective period are declared valid as if the amendment had always been in force.
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