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of <h1>Cenvat Credit Rules, 2004: Offsetting Excise Duty on Inputs to Prevent Double Taxation in Manufacturing and Services.</h1> Cenvat Credit Rules, 2004, aim to mitigate the cascading effect of excise duty by allowing manufacturers and service providers to offset the duty paid on inputs, capital goods, and input services against the duty payable on their final products or services. This scheme ensures that only the value addition at each stage of production is taxed, preventing double taxation. Manufacturers can claim credit for excise duty and service tax paid, which can be used to settle the duty on their output. The rules outline the conditions and procedures for availing Cenvat credit.
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