Imported CENVAT Credit - Board's U-Turn
THE Year End Notifications: By Notification Nos 17 and 18 CE NT of 2013, dated 31.12.2013, the Government:-
1. Made Registration mandatory for importers issuing invoices on which CENVAT Credit can be taken.
2. Made an importer issuing cenvattable invoice a “First Stage Dealer”, and
3. Made certain consequential amendments.
These changes were to be effective with effect from 01.03.2014 and by the time this crucial date of 1st march 2014 arrived, Board got jittery and suddenly by Notification Nos. 06 and 07/2014 - CE NT dated 26.02.2014, the Government rescinded the Notification Nos 17 and 18 CE NT of 2013, dated 31.12.2013 - even before they took effect.
So, the position is - nothing has changed. Not really, read on ….
Notification No. , Dated: February 26 2014
Notification No. , Dated: February 26 2014