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of <h1>Transitional Provisions for SSI and SSP: Rule 11(2) on Cenvat Credit Reversal and Exemptions Explained</h1> The transitional provisions for Small Scale Industries (SSI) and Small Service Providers (SSP) regarding the Cenvat Credit system under the Cenvat Credit Rules, 2004. It specifies the procedures for units transitioning from availing Cenvat Credit to claiming exemptions and vice versa. For SSI units, Rule 11(2) mandates the reversal of Cenvat Credit when opting for value-based exemptions, with balances lapsing except for capital goods. Similarly, SSPs must reverse credit upon exemption, with balances lapsing except for capital goods. Special provisions apply when manufacturers or service providers opt for full duty or service tax exemptions, requiring payment equivalent to the Cenvat Credit on inputs.
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