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of <h1>Finance Ministry Clarifies Deemed Credit Applicability; Amendment Effective Only from August 29, 1986, No Retrospective Effect.</h1> The Ministry of Finance issued a circular clarifying the applicability of deemed credit provisions for materials like iron, steel, copper, aluminum, zinc, and lead. An amendment on August 29, 1986, removed the deemed credit provision for waste and scrap materials. However, some officials misinterpreted this change as having a retrospective effect, leading to demands for credit recovery from prior periods. The circular clarifies that the amendment applies only from August 29, 1986, onward, and any credit recovery for periods before this date should adhere to the earlier order from April 7, 1986, based on specific case facts.
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