Changes in CCR (Rule 6(3)

[Srivatsan Krishnamachari]

Dear Experts,

Can you please provide me the changes taken place in Finance Act 2010 related to CCR Rule6(3) retrospectively (maintenance of separate books).

Thanks & Regards

Srinivas

AI Summary

Retrospective Changes to CCR Rule 6(3) Under Finance Act 2010: Key Amendments for Manufacturers and Credit Reversal (3) An individual inquired about retrospective changes to CCR Rule 6(3) under the Finance Act 2010, specifically regarding the maintenance of separate books. An expert responded by outlining that amendments were made to various Cenvat Credit Rules retrospectively from September 1, 1996, to March 31, 2008. These amendments allow manufacturers to either reverse credit or pay an amount equivalent to the credit for inputs used in exempted goods, with a 24% annual interest from clearance to reversal. This option applies only to pending disputes as of the enactment date. The inquirer confirmed the response was helpful.