Input credit rules amended: expanded definition and revised utilisation, filing and lapse conditions affecting manufacturers' excise credits. Amendments modify the definition of 'inputs' to include internally manufactured inputs, paints, packaging, fuels and inputs for electricity generation while excluding machinery and certain packaging; extend provisions to Electronic Hardware and Software Technology Parks; impose limits and transitional rules on credit entitlement (including lapse of specified credits with certain vehicle manufacturers), restrict credit for inputs used in exempt or nil-rated final products, and limit credit for capital goods received before the effective date; require monthly (or quarterly where permitted) submission of original duty payment documents with prescribed form extracts and tie credit utilisation deadlines to filing of such returns.
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Input credit rules amended: expanded definition and revised utilisation, filing and lapse conditions affecting manufacturers' excise credits.
Amendments modify the definition of "inputs" to include internally manufactured inputs, paints, packaging, fuels and inputs for electricity generation while excluding machinery and certain packaging; extend provisions to Electronic Hardware and Software Technology Parks; impose limits and transitional rules on credit entitlement (including lapse of specified credits with certain vehicle manufacturers), restrict credit for inputs used in exempt or nil-rated final products, and limit credit for capital goods received before the effective date; require monthly (or quarterly where permitted) submission of original duty payment documents with prescribed form extracts and tie credit utilisation deadlines to filing of such returns.
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