Pass Book Scheme credit allowed where input quantities are quantity based; exclusions apply when quantity depends on FOB value. Credit under the Pass Book Scheme is admissible where Standard Input Output norms specify input quantities or permit determination of quantity by reference to inputs used in the export product, including by net-to-net basis or by applying a formula; such quantity based norms qualify for credit. Credit is not admissible where input quantity is worked out as a percentage of FOB value. Verifying officers must ensure exporters declare input quantities and must verify such quantities at examination when processing the Shipping Bill.
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.
Pass Book Scheme credit allowed where input quantities are quantity based; exclusions apply when quantity depends on FOB value.
Credit under the Pass Book Scheme is admissible where Standard Input Output norms specify input quantities or permit determination of quantity by reference to inputs used in the export product, including by net-to-net basis or by applying a formula; such quantity based norms qualify for credit. Credit is not admissible where input quantity is worked out as a percentage of FOB value. Verifying officers must ensure exporters declare input quantities and must verify such quantities at examination when processing the Shipping Bill.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
