TaxTMI 
TaxTMI 
Dear Sir,
Please explain in simple way regarding Central Excise notification Cenvat credit changes 24/2016-CENT dt. 13-04-2016.
Thanks & Regards.
24/2016-CENT dt. 13-04-2016
19 Apr 2016 
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Cenvat credit spread rule amended: service tax credit may be evenly spread over three years; exceptions for natural resource use clarified.
Notification 24/2016-CENT clarifies that the one-year bar on availing Cenvat credit does not apply to services consisting of assignment of the right to use natural resources when provided by the Government, local authorities or others. It replaces the prior Sixth-Eighth provisos with a substituted Sixth allowing service tax credit actually paid, upfront or in installments in any financial year, to be spread evenly over three years; the Seventh proviso remains unchanged and the Eighth proviso is deleted as redundant. (AI Summary)
Notification 24/2016-CENT clarifies that the one-year bar on availing Cenvat credit does not apply to services consisting of assignment of the right to use natural resources when provided by the Government, local authorities or others. It replaces the prior Sixth-Eighth provisos with a substituted Sixth allowing service tax credit actually paid, upfront or in installments in any financial year, to be spread evenly over three years; the Seventh proviso remains unchanged and the Eighth proviso is deleted as redundant. (AI Summary)