Intrest not payable when not utilized notification no

[Deepak Bhardwaj]

Please provide the notification no which was state that interest not payable when not utilized .

AI Summary

Discussion on Non-Payment of Interest for Unutilized Cenvat Credit per Amendment to Rule 14, Cenvat Credit Rules A discussion on a forum regarding the non-payment of interest when Cenvat credit is not utilized. A user inquires about the relevant notification, and responses reference Central Excise Non-Tariff Notification No.18/2012-C.E.(N.T.), which amended Rule 14 of the Cenvat Credit Rules effective from 17.03.2012. It specifies that interest is not payable if credit is taken but not utilized. The amendment, effective from 1.4.2012, replaced 'or' with 'and' in the rule, altering the interpretation that previously favored revenue as per the Supreme Court's decision in the Ind-Swift case. Various tribunal decisions are also mentioned.