Transition of CENVAT credit clarified to include service tax credits as eligible duties, while cesses remain excluded. Transition provisions permit carryforward of CENVAT credit of service tax paid under section 66B of the Finance Act, 1994 as eligible duties; the term 'eligible duties' should be read to include the categories listed in the existing explanations and construed broadly so as not to exclude service-tax credit. The expression does not import the stock-or-in-transit conditions in the explanations, and clauses that would link those conditions to transitional eligibility will not be notified. Transition of cesses is excluded by the inserted explanation, effective from its notified retrospective date.
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Provisions expressly mentioned in the judgment/order text.
Transition of CENVAT credit clarified to include service tax credits as eligible duties, while cesses remain excluded.
Transition provisions permit carryforward of CENVAT credit of service tax paid under section 66B of the Finance Act, 1994 as eligible duties; the term "eligible duties" should be read to include the categories listed in the existing explanations and construed broadly so as not to exclude service-tax credit. The expression does not import the stock-or-in-transit conditions in the explanations, and clauses that would link those conditions to transitional eligibility will not be notified. Transition of cesses is excluded by the inserted explanation, effective from its notified retrospective date.
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