Cenvat Credit Rules 2004

[Admin TMI]

Question - What are proposed amendments in Cenvat Credit Rules, 2004 in Finance Bill 2015 ?

AI Summary

Proposed Changes to Cenvat Credit Rules: Key Amendments to Rule 4(7) and Extended Claim Period in Finance Bill 2015 The discussion focuses on proposed amendments to the Cenvat Credit Rules, 2004, as outlined in the Finance Bill 2015. Key changes include amending Rule 4(7) to permit Cenvat Credit of Service Tax under partial reverse charge without needing payment to the service provider, effective from April 1, 2015. The period for claiming Cenvat Credit is extended from six months to one year from the invoice date. Additional amendments involve credit for inputs and capital goods received by job workers, definitions for 'export goods' and 'exempt goods,' and provisions for recovery of wrongly taken credit and penalties.