Credit of excise duty on inputs and capital goods: specified credits allowed subject to eligibility, procedure and recovery rules. The amendment defines 'procurer' for molasses from khandsari sugar factories and makes procurers liable to pay excise duty on such molasses as if they had manufactured it, with duty payable on receipt in the procurer's factory. It inserts comprehensive credit provisions (rules 57A-57U and 57Q-57T) allowing government notified final products to claim credit of specified duties on inputs and capital goods subject to eligibility, exclusions, adjustment mechanisms (including an eight percent rule for mixed dutiable/exempt manufacture), procedural declarations, prescribed documentary evidence, record keeping in RG 23A/23C, periodic returns, transitional rules and recovery/penalty provisions for wrongful credit.
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Credit of excise duty on inputs and capital goods: specified credits allowed subject to eligibility, procedure and recovery rules.
The amendment defines "procurer" for molasses from khandsari sugar factories and makes procurers liable to pay excise duty on such molasses as if they had manufactured it, with duty payable on receipt in the procurer's factory. It inserts comprehensive credit provisions (rules 57A-57U and 57Q-57T) allowing government notified final products to claim credit of specified duties on inputs and capital goods subject to eligibility, exclusions, adjustment mechanisms (including an eight percent rule for mixed dutiable/exempt manufacture), procedural declarations, prescribed documentary evidence, record keeping in RG 23A/23C, periodic returns, transitional rules and recovery/penalty provisions for wrongful credit.
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