Cenvat credit utilisation limits clarified; available balance frozen at mid month or month end for duty payments. Form RT-12 replaces earlier RT-3/RT-3 (modified) and is to be used under Rules 54 and 173G; Rule 57AB is amended to permit utilisation of Cenvat Credit for fortnightly/monthly duty payments only up to the balance existing at statutory cutoffs (the 15th for the first fortnight and the last day of the month for the second fortnight; for SSI monthly payers only opening balance plus credits accrued during the month), with supporting PLA extracts, TR-6 challans and credit statements required to reconcile opening balances, credits, duty discharged and closing balances.
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Cenvat credit utilisation limits clarified; available balance frozen at mid month or month end for duty payments.
Form RT-12 replaces earlier RT-3/RT-3 (modified) and is to be used under Rules 54 and 173G; Rule 57AB is amended to permit utilisation of Cenvat Credit for fortnightly/monthly duty payments only up to the balance existing at statutory cutoffs (the 15th for the first fortnight and the last day of the month for the second fortnight; for SSI monthly payers only opening balance plus credits accrued during the month), with supporting PLA extracts, TR-6 challans and credit statements required to reconcile opening balances, credits, duty discharged and closing balances.
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