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of <h1>India Amends CENVAT Credit Rules: Changes to Rule 4(7) and Rule 6 on Natural Resource Use Rights.</h1> The Government of India has issued Notification No. 24/2016 to amend the CENVAT Credit Rules, 2004. These amendments affect sub-rule (7) of rule 4 and rule 6. Specifically, the changes include provisions for CENVAT Credit related to services provided by the government or local authorities concerning the assignment of rights to use natural resources. The credit for service tax paid on one-time charges for such assignments is to be spread over three years. Additionally, when such rights are reassigned, the balance CENVAT credit is adjusted against the service tax payable on the reassignment consideration.
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