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of <h1>Clarification on Use of Accumulated CENVAT Credit u/r 6(3)(c) for Pre-April 2008 Period.</h1> The circular addresses the restriction on the utilization of accumulated CENVAT credit under the erstwhile Rule 6(3)(c) of the CENVAT Credit Rules, 2004. Before April 1, 2008, taxpayers could only use up to 20% of their CENVAT credit for service tax on taxable output services, leading to credit accumulation. Post-amendment, taxpayers not maintaining separate accounts have two options: pay a percentage of the value of exempted goods/services or pay credit attributable to inputs for exempted goods/services. The circular clarifies that accumulated credit as of April 1, 2008, can still be used, as no provision prevents its utilization.
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