Deemed duty credit on declared inputs allows composite mills to claim excise credit without documentary proof for final products. Declaration designates texturised polyester yarn as an input and specified processed or fabric headings as final products for composite mills; a specified amount of excise is treated as deemed duty paid on that input when purchased by a composite mill and credit of the deemed duty is allowed to the manufacturer of the final products without production of duty documents at clearance. Credit is usable only against excise on the declared final products, with specified adjustment or refund routes for export, and exclusions for clandestine removal or fraud-related short-levy.
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.
Deemed duty credit on declared inputs allows composite mills to claim excise credit without documentary proof for final products.
Declaration designates texturised polyester yarn as an input and specified processed or fabric headings as final products for composite mills; a specified amount of excise is treated as deemed duty paid on that input when purchased by a composite mill and credit of the deemed duty is allowed to the manufacturer of the final products without production of duty documents at clearance. Credit is usable only against excise on the declared final products, with specified adjustment or refund routes for export, and exclusions for clandestine removal or fraud-related short-levy.
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 
