Notional credit under Rule 57B: allowance for special excise duty subject to notification amendment and pending legal clarification. The circular addresses whether enhanced notional credit under Rule 57B read with the small scale exemption notification extends to special excise duty, explains that an amendment to the notification prescribes a revised method of computing the higher notional credit by adding a specified ad valorem percentage to the effective concessional duty, and states that potential over-crediting of special excise duty is now limited to inputs with normally low basic duty rates and to clearances in an earlier period; final legal clarification is pending and adjudication should be deferred.
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Provisions expressly mentioned in the judgment/order text.
Notional credit under Rule 57B: allowance for special excise duty subject to notification amendment and pending legal clarification.
The circular addresses whether enhanced notional credit under Rule 57B read with the small scale exemption notification extends to special excise duty, explains that an amendment to the notification prescribes a revised method of computing the higher notional credit by adding a specified ad valorem percentage to the effective concessional duty, and states that potential over-crediting of special excise duty is now limited to inputs with normally low basic duty rates and to clearances in an earlier period; final legal clarification is pending and adjudication should be deferred.
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