Government Amends CENVAT Credit Rules Retrospectively!
YESTERDAY, DDT wondered if the Government could amend a notification retrospectively - and today we are to report that they amended the CENVAT Credit Rules retrospectively.
Yesterday they issued a notification to amend the CENVAT Credit Rules, which reads as:
1. Short title and commencement.- (1) These rules may be called the CENVAT Credit (First Amendment) Rules, 2016.
(2) They shall come into force with effect from the 1st day of March, 2015.
2. In the CENVAT Credit Rules, 2004, in rule 3, in sub-rule (1), in clause (vii), the proviso shall be omitted;
when you say, " They shall come into force" , it obviously means a future date, but this future date is in the past that is 1st March 2015. Is this 2015 a mistake; should it have been 2016? And what is the significance of 1st March 2015? If they wanted it to come into force from 1.3.2015, shouldn't they have stated that it is deemed to have come into effect with effect from 1.3.2015?
But why this amendment at all? That's a long story. Read the next capsule in this dosage of DDT.
Notification No. , Dated: February 01, 2016