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of <h1>Amendment to Rule 4 of CENVAT Credit Rules: Moulds and Dies Now Eligible for Credit Without Possession Requirement.</h1> Notification No. 70/2003-CE(NT) amended Rule 4 of the CENVAT Credit Rules, 2002, to include 'moulds and dies' alongside 'refractories and refractory materials.' A subsequent circular highlighted inconsistencies with this amendment. The Board reviewed and revised the circular, mandating Export-Oriented Units to report manufactured and exported goods and duty-free inputs in their monthly returns. Previously, Rule 4(2)(b) required capital goods to be in possession and use for 50% CENVAT credit. The amendment now allows credit for moulds and dies in subsequent years, even if not in possession or use, provided they were used in manufacturing.
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