CENVAT credit rules changed to allow phased capital goods credit and special treatment for certain components and spares. Amendments permit CENVAT credit on specified tobacco inputs received on or after 1 March 2000; allow credit for debits on inputs sent to job workers when returned on or after 1 April 2000; and phase capital goods credit in two instalments, with the balance instalment available for certain components and refractory items even if no longer in use, subject to denial where goods are removed without use. A monthly return format under rule 57AE and a refund procedure for exported goods under rule 57AC are prescribed.
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CENVAT credit rules changed to allow phased capital goods credit and special treatment for certain components and spares.
Amendments permit CENVAT credit on specified tobacco inputs received on or after 1 March 2000; allow credit for debits on inputs sent to job workers when returned on or after 1 April 2000; and phase capital goods credit in two instalments, with the balance instalment available for certain components and refractory items even if no longer in use, subject to denial where goods are removed without use. A monthly return format under rule 57AE and a refund procedure for exported goods under rule 57AC are prescribed.
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