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excise notification

vasudev (ca ) (153 Points)

02 February 2009

please go through this notification. 50/2008 Ce and tell me if it is retrospective or not.

https://www.infodriveindia.com/Notifications/Amends-the-CENVAT-Credit-Rules-20836.aspx

Thanks

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3 Replies

Rajesh Kumar (Advocate- Tax) (7806 Points)
Replied 08 February 2009

The amendment is not retrospective.

However, on the basis of the SEZ policy, the amendment should have been retrospective. In fact it is being pleaded in the CBEC to apply this amendment retrospectively.

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vasudev (ca ) (153 Points)
Replied 08 February 2009

but what to do with the Show cause notice received from dept. asking to pay 10% of value of supplies made till dec 31st.

Utter non sense.

plz suggest.

Rajesh Kumar (Advocate- Tax) (7806 Points)
Replied 09 February 2009

File a reply policy and other considerations claiming that it is a restropective amendment. If a clarification has to come, it will be there in a few months time. The moment that comes, plead that- the notice will be dropped.