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Refund of unutilized deemed credit on grey fabrics used in the processed fabrics exported under bond
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.... the refund claims of unutilized deemed credit of duty on procurement of grey fabrics used in the making of processed fabrics ultimately exported can be refunded in the background of the objection raised by C&AG about the admissibility of deemed credit on grey fabrics. C&AG has raised an objection that since grey fabrics is not mentioned as 'declared inputs' in the notification No.29/96-CE(NT) dat....
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....said notification, these are made out of duty paid yarn/ fibres, which are declared inputs and have suffered appropriate excise duty. Also deemed credit is admissible under the erstwhile rule 57A(2) of Central Excise Rules, 1944 even when the declared inputs are not used directly in the manufacture of final products but are contained in the final products. Though the issue is not settled yet, Boar....