CENVAT credit utilisation limited to duty on exempted final products; special dispensation preserves credit for specified region inputs. The amendment replaces the proviso to rule 3(3) to require that CENVAT credit on inputs used in final products cleared after availing certain exemption notifications be utilized only for payment of duty on those specific final products. It also substitutes rule 10 to provide that where inputs or capital goods manufactured in designated regions were cleared under specified exemption notifications, CENVAT credit shall be admissible as if no portion of the duty on those items was exempted.
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.
CENVAT credit utilisation limited to duty on exempted final products; special dispensation preserves credit for specified region inputs.
The amendment replaces the proviso to rule 3(3) to require that CENVAT credit on inputs used in final products cleared after availing certain exemption notifications be utilized only for payment of duty on those specific final products. It also substitutes rule 10 to provide that where inputs or capital goods manufactured in designated regions were cleared under specified exemption notifications, CENVAT credit shall be admissible as if no portion of the duty on those items was exempted.
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 
