Integrated input tax credit extended across goods and services, broadening the service tax base and creditability framework. A 2% Education Cess is imposed on aggregate customs, excise and service tax duties with restricted credit usable only to pay education cess on final products; customs, excise and service tax rates and exemptions are comprehensively revised across sectors (metals, minerals, textiles, IT, health, agriculture, export promotion), the textile duty regime is restructured to mandate duty on manmade fibres while allowing optional duty/credit for other textiles, CENVAT credit rules are narrowed for AED(GSI), compounding of offences is permitted, and service tax is expanded with cross creditability between goods and services and numerous procedural and valuation amendments.
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Provisions expressly mentioned in the judgment/order text.
Integrated input tax credit extended across goods and services, broadening the service tax base and creditability framework.
A 2% Education Cess is imposed on aggregate customs, excise and service tax duties with restricted credit usable only to pay education cess on final products; customs, excise and service tax rates and exemptions are comprehensively revised across sectors (metals, minerals, textiles, IT, health, agriculture, export promotion), the textile duty regime is restructured to mandate duty on manmade fibres while allowing optional duty/credit for other textiles, CENVAT credit rules are narrowed for AED(GSI), compounding of offences is permitted, and service tax is expanded with cross creditability between goods and services and numerous procedural and valuation amendments.
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