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of <h1>Manufacturers Must Repay CENVAT Credit on Exemptions, Per CENVAT Credit Rules, 2004, Transitional Provisions</h1> Transitional provisions under the CENVAT Credit Rules, 2004, allow manufacturers and service providers to carry forward unutilized credit from the 2002 rules as CENVAT credit. If a manufacturer opts for excise duty exemption based on value or quantity of clearances, they must repay the CENVAT credit for inputs in stock or process, with remaining credit lapsing. Similarly, if a final product or service becomes absolutely exempt, the manufacturer or service provider must repay the CENVAT credit for inputs in stock, with any remaining credit lapsing. These rules ensure proper adjustment of credits when exemptions are claimed.
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