Input tax credit extended for intra-company transfers and independent texturisers, with deemed credit for specified inputs in stock. Amendments allow credit of specified duty for inputs transferred between factories of the same multi-locational composite mill and for inputs received by an independent texturiser; definitions for those terms are provided. A new provision deems declared duty on inputs to have been paid and permits credit of declared duty at prescribed rates for specified final products manufactured from inputs in stock in the processing factory of a multi-locational composite mill as on the relevant cut-off date, provided no duplicate credit has been taken under other rules or notifications.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit extended for intra-company transfers and independent texturisers, with deemed credit for specified inputs in stock.
Amendments allow credit of specified duty for inputs transferred between factories of the same multi-locational composite mill and for inputs received by an independent texturiser; definitions for those terms are provided. A new provision deems declared duty on inputs to have been paid and permits credit of declared duty at prescribed rates for specified final products manufactured from inputs in stock in the processing factory of a multi-locational composite mill as on the relevant cut-off date, provided no duplicate credit has been taken under other rules or notifications.
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