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Changes in CCR (Rule 6(3)
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....hanges in CCR (Rule 6(3)<br> Query (Issue) Started By: - Srivatsan Krishnamachari Dated:- 16-5-2016 Last Reply Date:- 16-5-2016 Central Excise<br>Got 2 Replies<br>Central Excise<br>Dear Experts, Can you please provide me the changes taken place in Finance Act 2010 related to CCR Rule 6(3) retrospectively (maintenance of separate books). Thanks & Regards Srinivas Reply By KASTURI SETHI: The Rep....
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....ly: Srivatsan Krishnamachari Ji, A relevant extract from Finance Bill, 2010 enacted on 8.5.10 (2) The Central Excise Rules, 1944, the Cenvat Credit Rules, 2000, the Cenvat Credit Rules, 2001, the Cenvat Credit Rules, 2002 and the Cenvat Credit Rules, 2004 are being amended retrospectively w.e.f. 1-9-1996 to 31-3-2008 (for periods as applicable to respective rules) to provide that where a manufa....
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....cturer avails Modvat/Cenvat credit in respect of any inputs, other than fuel, to manufacture both dutiable and exempted goods, he can opt to reverse credit or pay an amount equivalent to credit attributable to inputs used for manufacture of exempted goods. It is being further provided that such manufacturer shall pay interest @ 24% p.a. from the date of clearance till date of reversal of the said ....
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....credit or payment of equivalent amount. Such option will, however, be available only in such cases where disputes in this regard are pending on the date of enactment. This change will come into effect on the enactment of Finance Bill, 2010. Will it serve your purpose ? Reply By Srivatsan Krishnamachari: The Reply: Dear Kasturi Ji, Thank you very much, this will serve my purpose. Regards Srin....
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