<h1>Cenvat Credit Rules amended: revised eligibility, reversals, caps 50% for banks, 75% for life insurers, quarterly reversal requirement</h1> Amendments to the Cenvat Credit Rules revise eligibility, scope and reversal mechanics: credit denied for goods subject to 1% excise, exempted services broadened to cover trading and abated services, and definitions of inputs/input services reworked; capital goods used off-premises for electricity qualify for credit; credit on partial write-offs must be reversed; removal for free warranty permitted without reversal; CVD credit for ship-breaking capped at 85%; SEZ output services eligible for credit; quarterly filers must reverse credit quarterly; new caps restrict credit to 50% for banking/financial institutions and 75% for life insurance/ULIPs; procedural recordkeeping, return timelines and time limits for reversals are also specified.