Cenvat credit withdrawal for light diesel oil requires reversal of any credits claimed on existing stock. Budgetary amendment effective 1.3.2003 removed Cenvat credit eligibility for Light Diesel Oil by excluding LDO from the definition of input under the CENVAT Credit Rules, 2002; therefore LDO stock as on 28.2.2003 is not eligible for credit and any credit already availed on such stock must be reversed under Rule 3 of the Rules.
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Cenvat credit withdrawal for light diesel oil requires reversal of any credits claimed on existing stock.
Budgetary amendment effective 1.3.2003 removed Cenvat credit eligibility for Light Diesel Oil by excluding LDO from the definition of input under the CENVAT Credit Rules, 2002; therefore LDO stock as on 28.2.2003 is not eligible for credit and any credit already availed on such stock must be reversed under Rule 3 of the Rules.
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