CENVAT credit timing: limits on taking credit after specified period; payment-linked credit allowance and reversal clarified. A new definition of place of removal is inserted to include factories, warehouses permitted for duty suspended storage, and depots or consignment agent premises from which goods are sold. Manufacturers and output service providers cannot take CENVAT credit after six months from issue of documents specified in rule 9. Credit for input services is allowed only after payment of applicable service tax; failure to pay within three months (except wholly recipient paid services) requires repayment equal to the credit availed, with entitlement to re credit upon payment. Delayed inward remittance receipts within one year of the RBI period permit re claim of equivalent credit on documentary proof.
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Provisions expressly mentioned in the judgment/order text.
CENVAT credit timing: limits on taking credit after specified period; payment-linked credit allowance and reversal clarified.
A new definition of place of removal is inserted to include factories, warehouses permitted for duty suspended storage, and depots or consignment agent premises from which goods are sold. Manufacturers and output service providers cannot take CENVAT credit after six months from issue of documents specified in rule 9. Credit for input services is allowed only after payment of applicable service tax; failure to pay within three months (except wholly recipient paid services) requires repayment equal to the credit availed, with entitlement to re credit upon payment. Delayed inward remittance receipts within one year of the RBI period permit re claim of equivalent credit on documentary proof.
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