Adjustment of credit when inputs serve both dutiable and exempt products requires price-based debit unless separate records prevent it. A new rule, 57CC, mandates adjustment of input-duty credit where the same inputs are used for both dutiable and exempt final products by requiring an amount based on the price of exempt goods to be debited from specified credit accounts unless separate inventory and accounts are maintained for inputs used exclusively in exempt production; exclusions and export/sectoral provisos apply. Amendments also impose a ten percent debit on removal of inputs outside the factory with restoration of credit only on full return under specified challan cover within a prescribed period, and clarify invoicing and dealer definitions for credit eligibility.
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.
Adjustment of credit when inputs serve both dutiable and exempt products requires price-based debit unless separate records prevent it.
A new rule, 57CC, mandates adjustment of input-duty credit where the same inputs are used for both dutiable and exempt final products by requiring an amount based on the price of exempt goods to be debited from specified credit accounts unless separate inventory and accounts are maintained for inputs used exclusively in exempt production; exclusions and export/sectoral provisos apply. Amendments also impose a ten percent debit on removal of inputs outside the factory with restoration of credit only on full return under specified challan cover within a prescribed period, and clarify invoicing and dealer definitions for credit eligibility.
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