Concessional rate of duty requires Modvat input credit; absent admissible input credit, concessional duty is inapplicable. Concessional rate of excise duty under the notification is contingent on the manufacturer taking and using Modvat credit of duty paid on inputs under Rule 57A; if such credit is not admissible because inputs are exempt or non excisable, the concessional rate does not apply and audit objections on this basis are to be admitted and reflected in final assessments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Concessional rate of duty requires Modvat input credit; absent admissible input credit, concessional duty is inapplicable.
Concessional rate of excise duty under the notification is contingent on the manufacturer taking and using Modvat credit of duty paid on inputs under Rule 57A; if such credit is not admissible because inputs are exempt or non excisable, the concessional rate does not apply and audit objections on this basis are to be admitted and reflected in final assessments.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
