Input credit admissibility limited by prescribed input norms, valuation rules and quality standards; credit is non-transferable. Credit under the V.B.A.L. notification is admissible only for inputs specified with quantity limits in the prescribed standard input output norms and declared as actually used; exports must be manufactured from prime quality inputs unless norms allow scrap. Credit is allowed at customs duty rates as if inputs were imported on the export clearance order date; where duties are value based the ordinary transaction price between unrelated parties is used and valued using the exchange rate on presentation of the shipping bill. Credit is subject to a ceiling relative to FOB value unless DGFT permits otherwise. The Pass Book or credit is not transferable.
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.
Input credit admissibility limited by prescribed input norms, valuation rules and quality standards; credit is non-transferable.
Credit under the V.B.A.L. notification is admissible only for inputs specified with quantity limits in the prescribed standard input output norms and declared as actually used; exports must be manufactured from prime quality inputs unless norms allow scrap. Credit is allowed at customs duty rates as if inputs were imported on the export clearance order date; where duties are value based the ordinary transaction price between unrelated parties is used and valued using the exchange rate on presentation of the shipping bill. Credit is subject to a ceiling relative to FOB value unless DGFT permits otherwise. The Pass Book or credit is not transferable.
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