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of <h1>Cenvat Credit Ineligible for CVD on Imported Aircraft Used for Exempt Services Despite Later Service Tax Imposition.</h1> The circular addresses the issue of utilizing Cenvat credit for Countervailing Duty (CVD) paid on imported goods, specifically an aircraft imported by a company, for paying service tax. The company, which hires out the aircraft without transferring possession or control, became liable for service tax on hire charges from May 16, 2008. The request to amend Cenvat Credit Rules, 2004, to allow credit for CVD on the aircraft was examined. It was clarified that since the aircraft was initially used for exempted services, the Cenvat credit was not eligible and remains ineligible despite subsequent tax imposition.
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