Area based exemptions now tie refunds to value addition, with prescribed rates and a special-rate application process. Exemptions are reformed so refunds equal the duty attributable to prescribed rates of value addition on a unit's total duty payable, subject to a cap of actual duty paid in cash or through PLA; procedural filing and self-credit remain, and a process for obtaining a special rate based on audited prior-year financials is provided, with the special rate applying from the claim date and interim refunds adjusted. These changes take effect from 1st April, 2008.
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.
Area based exemptions now tie refunds to value addition, with prescribed rates and a special-rate application process.
Exemptions are reformed so refunds equal the duty attributable to prescribed rates of value addition on a unit's total duty payable, subject to a cap of actual duty paid in cash or through PLA; procedural filing and self-credit remain, and a process for obtaining a special rate based on audited prior-year financials is provided, with the special rate applying from the claim date and interim refunds adjusted. These changes take effect from 1st April, 2008.
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