Rule 11(3) of Cenvat Credit Rules cannot be applied retrospectively

Welspun India Limited Vs Commissioner of CGST & Central Excise (CESTAT Ahmedabad) Rule 11(3) of Cenvat Credit Rules, 2004 though provides for reversal of unutilized Cenvat credit but the same cannot be applied retrospectively in the absence of specific provision under the statute. Introduction: This article examines the case of Welspun India Limited vs. Commissioner of CGST & CESTAT Ahmedabad, where the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) quashed the reversal of CENVAT credit on the manufacture of Cotton Terry Towels. The case revolved around the non-insertion ...