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of <h1>Circular Clarifies Notional Credit Limits for Special Excise Duty u/r 57B; Conditions for Higher Credit Explained.</h1> The circular addresses the power to grant notional credit for special excise duty (SED) under Rule 57B of the Central Excise Rules, as amended by Notification No. 136/88-C.E. effective from April 1, 1988. It clarifies that higher notional credit is limited to basic excise duty alone, as per Notification No. 175/86-C.E., and outlines the conditions under which credit is applicable. The amendment specifies that inputs with a basic duty of 10% or more will receive higher credit, calculated as the effective duty paid plus 5% ad valorem. Issues concerning credits for lower duty rates or inputs cleared in March 1988 are under review.
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