Retrospective amendment to CENVAT credit rules compels manufacturers to remit attributable input credit with interest and apply for verification. Amendment retrospectively modifies rule 6 of the CENVAT Credit Rules, 2004 to require manufacturers to pay CENVAT credit attributable to inputs and input services used in or in relation to exempted or nil rated goods with interest; applicants must, within six months of assent, submit payment and a Chartered Accountant or Cost Accountant certificate to the Commissioner, who shall verify payments within two months and call for any differential, while deeming past actions valid and removing criminal liability for acts that would not otherwise be offences.
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Retrospective amendment to CENVAT credit rules compels manufacturers to remit attributable input credit with interest and apply for verification.
Amendment retrospectively modifies rule 6 of the CENVAT Credit Rules, 2004 to require manufacturers to pay CENVAT credit attributable to inputs and input services used in or in relation to exempted or nil rated goods with interest; applicants must, within six months of assent, submit payment and a Chartered Accountant or Cost Accountant certificate to the Commissioner, who shall verify payments within two months and call for any differential, while deeming past actions valid and removing criminal liability for acts that would not otherwise be offences.
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