CENVAT credit adjustment mechanism permits payment for disputed input credits with specified retrospective application and interest. A new sub rule allows a manufacturer to pay an amount equivalent to CENVAT credit attributable to inputs used in or in relation to exempted final products for disputes covering 1 April 2000 to 30 June 2001 pending on assent of the Finance Bill, 2010, notwithstanding sub rules (1) and (2), excluding inputs intended as fuel; payment may be made before or after clearance and attracts interest at twenty four per cent per annum from the date of clearance until payment.
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CENVAT credit adjustment mechanism permits payment for disputed input credits with specified retrospective application and interest.
A new sub rule allows a manufacturer to pay an amount equivalent to CENVAT credit attributable to inputs used in or in relation to exempted final products for disputes covering 1 April 2000 to 30 June 2001 pending on assent of the Finance Bill, 2010, notwithstanding sub rules (1) and (2), excluding inputs intended as fuel; payment may be made before or after clearance and attracts interest at twenty four per cent per annum from the date of clearance until payment.
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