Deemed duty credit for steel inputs permits manufacturers to claim input-duty credit against excise on final products. Credit of deemed excise duty is allowed on specified hot re-rolled non-alloy steel inputs where duty has been paid and declared on the supplier's invoice; deemed duty is calculated as a percentage of the invoice price and may be utilised only towards excise on the final products. The benefit applies only when inputs are received directly from the input manufacturer under a duty-declaring invoice and is void if the invoice price is incorrectly declared; refunds where adjustment is impracticable are subject to safeguards, and refunds are barred if drawback or rebate has been claimed.
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.
Deemed duty credit for steel inputs permits manufacturers to claim input-duty credit against excise on final products.
Credit of deemed excise duty is allowed on specified hot re-rolled non-alloy steel inputs where duty has been paid and declared on the supplier's invoice; deemed duty is calculated as a percentage of the invoice price and may be utilised only towards excise on the final products. The benefit applies only when inputs are received directly from the input manufacturer under a duty-declaring invoice and is void if the invoice price is incorrectly declared; refunds where adjustment is impracticable are subject to safeguards, and refunds are barred if drawback or rebate has been claimed.
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