Reversal of Actual Credit requires manufacturers to repay input tax credits attributable to exempt outputs and pay interest until settlement. Rule 57CCC requires a manufacturer who availed specified duty credit on inputs, other than inputs used as fuel, and who manufactures both dutiable and non dutiable (or nil rated) final products, to pay an amount equivalent to the credit attributable to the non dutiable or nil rated products before or after clearance; the manufacturer must also pay interest at twenty four per cent per annum from the date of clearance until payment. The substituted rule for a subsequent historical period preserves the same repayment and interest obligation with adjusted cross references and wording.
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Provisions expressly mentioned in the judgment/order text.
Reversal of Actual Credit requires manufacturers to repay input tax credits attributable to exempt outputs and pay interest until settlement.
Rule 57CCC requires a manufacturer who availed specified duty credit on inputs, other than inputs used as fuel, and who manufactures both dutiable and non dutiable (or nil rated) final products, to pay an amount equivalent to the credit attributable to the non dutiable or nil rated products before or after clearance; the manufacturer must also pay interest at twenty four per cent per annum from the date of clearance until payment. The substituted rule for a subsequent historical period preserves the same repayment and interest obligation with adjusted cross references and wording.
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