Cenvat Credit eligibility clarified: timing, capital goods treatment, lease provisions, depreciation exclusion, and exempted supplies restrictions. Conditions for claiming Cenvat Credit set out timing and circumstances for inputs, input services and capital goods. Inputs credit is admissible on receipt; input service credit is available on or after payment and invoice. Credit is allowed for leased or hire purchased capital goods but not where depreciation on duty is claimed. Jigs, fixtures, moulds and dies sent to a job worker remain eligible. Capital goods credit is phased between the year of receipt and subsequent years subject to continued possession and use, with exceptions. Credit is disallowed for items used exclusively for exempted goods or services except as specifically provided in the Rules.