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of <h1>Clarifications on CENVAT Credit Rules 2004: Budget 2011 Impact on Capital Goods, Input Services, and Trading.</h1> The circular provides clarifications on the CENVAT Credit Rules 2004, following amendments made with Budget 2011. Key points include: no credit on capital goods used exclusively for exempted goods or services; the illustrative list of non-creditable goods and services emphasizes personal use; credit is allowed for goods used in manufacturing unless unrelated; input services for factory or office repairs are creditable; sales commission under Business Auxiliary Service is creditable; trading is an exempted service, disallowing related credits; accounting principles guide trading value calculations; and the expression 'in or in relation' must align with the definition of 'input.' Additional clarifications address specific scenarios and registration obligations.
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