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of <h1>Central Government May Allow Retention of Credit Under Section 5B, Even If Product Is Excise Duty Exempt.</h1> Under Section 5B of the Central Excise Act, 1944, if an assessee pays excise duty on a final product and receives credit for duties or taxes on inputs, capital goods, and input services, and later a court rules the product is not subject to excise duty, the Central Government can issue a notification allowing the assessee to retain the credit without reversal, subject to specified conditions. This non-reversal does not apply if the assessee claims a refund of the excise duty paid. The notification may also address non-reversal of credit taken by the buyer of the product.
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