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of <h1>India Issues Notification No. 5/2012 for Penalties on CENVAT Misuse; Includes Duty Payment Restrictions and Record-Keeping Requirements.</h1> The Government of India issued Notification No. 5/2012 under the Central Excise (Non-Tariff) regulations, detailing deterrent measures for misuse of CENVAT facilities or incorrect duty payments. It specifies actions against manufacturers, dealers, or exporters involved in offenses like non-invoiced goods removal, false CENVAT credit claims, or issuing non-genuine invoices. Penalties include withdrawal of monthly duty payment facilities, restrictions on CENVAT credit use, and mandatory record-keeping. For repeated offenses, stricter measures like invoice countersigning may be imposed. The notification applies when the duty or credit involved exceeds ten lakhs rupees, with procedures for imposing penalties outlined.
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