Credit of duty on inputs permitted for notified final products, with procedural safeguards and recovery mechanisms. A new structured scheme allows credit of specified excise or additional customs duty paid on inputs used in notified final products (Rule 57A onward), subject to exclusions (capital machinery, certain packaging, cylinders), procedural requirements (declaration, documentary evidence, Form R.G.23A accounts, monthly returns), permissible utilisation (manufacture, clearance on payment or export under bond), transitional transfer of previously allowed credits, restrictions where final products are exempt or nil-rated, and adjustment and recovery mechanisms for varied, wrongly availed or irregularly utilised credits.
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.
Credit of duty on inputs permitted for notified final products, with procedural safeguards and recovery mechanisms.
A new structured scheme allows credit of specified excise or additional customs duty paid on inputs used in notified final products (Rule 57A onward), subject to exclusions (capital machinery, certain packaging, cylinders), procedural requirements (declaration, documentary evidence, Form R.G.23A accounts, monthly returns), permissible utilisation (manufacture, clearance on payment or export under bond), transitional transfer of previously allowed credits, restrictions where final products are exempt or nil-rated, and adjustment and recovery mechanisms for varied, wrongly availed or irregularly utilised credits.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
