Retrospective amendment of CENVAT credit rules allows option to pay attributable input credit with interest subject to Commissioner verification. The Finance Act, 2010 retrospectively amends Rule 6 of the CENVAT Credit Rules, 2002, permitting taxpayers to opt to pay input credit attributable to inputs used for exempted goods with interest and to apply to the Commissioner within six months with documentary evidence and a CA/Cost Accountant certificate. The Commissioner must verify payment within two months and require any differential with interest to be paid within ten days. Actions between 1 March 2002 and 9 September 2004 are deemed valid; the Government retains retrospective rule-making power and no new offences are created.
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Retrospective amendment of CENVAT credit rules allows option to pay attributable input credit with interest subject to Commissioner verification.
The Finance Act, 2010 retrospectively amends Rule 6 of the CENVAT Credit Rules, 2002, permitting taxpayers to opt to pay input credit attributable to inputs used for exempted goods with interest and to apply to the Commissioner within six months with documentary evidence and a CA/Cost Accountant certificate. The Commissioner must verify payment within two months and require any differential with interest to be paid within ten days. Actions between 1 March 2002 and 9 September 2004 are deemed valid; the Government retains retrospective rule-making power and no new offences are created.
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