Input credit rules amended: scope, valuation and time limit for credit claims clarified and home consumption duty tied to credit. Rule 57A now treats goods used in or in relation to manufacture as inputs whether used directly or indirectly and whether contained in the final product or not, and includes accessories cleared with the final product when their value is part of the assessable value. Rule 57F links duty on removal for home consumption to the amount of input credit availed. Rule 57G bars taking credit after six months from issuance of specified documents.
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Input credit rules amended: scope, valuation and time limit for credit claims clarified and home consumption duty tied to credit.
Rule 57A now treats goods used in or in relation to manufacture as inputs whether used directly or indirectly and whether contained in the final product or not, and includes accessories cleared with the final product when their value is part of the assessable value. Rule 57F links duty on removal for home consumption to the amount of input credit availed. Rule 57G bars taking credit after six months from issuance of specified documents.
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