Duty on value addition set by prescribed percentage table, with refund provisions and option to seek a special rate. The amendment defines duty payable on value addition as a percentage of total duty on specified excisable goods per a prescribed Table, limits refund to duty paid other than by CENVAT credit, and requires manufacturers to first utilize CENVAT credit where all goods are eligible. It establishes a monthly statement and refund procedure, permits optional crediting to an account current subject to election, verification, reversal and recovery rules, and provides an application process for a special rate based on actual value addition with auditor certification and provisional refund mechanics.
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.
Duty on value addition set by prescribed percentage table, with refund provisions and option to seek a special rate.
The amendment defines duty payable on value addition as a percentage of total duty on specified excisable goods per a prescribed Table, limits refund to duty paid other than by CENVAT credit, and requires manufacturers to first utilize CENVAT credit where all goods are eligible. It establishes a monthly statement and refund procedure, permits optional crediting to an account current subject to election, verification, reversal and recovery rules, and provides an application process for a special rate based on actual value addition with auditor certification and provisional refund mechanics.
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 
