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of <h1>India Amends Works Contract Rules: Limits CENVAT Credit to 40% on Certain Services per Rule 3, Sub-rule (2A).</h1> The Government of India, through the Ministry of Finance, has amended the Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007. Effective from its publication date, the amendment introduces sub-rule (2A) to rule 3, restricting CENVAT credit on certain taxable services. Specifically, CENVAT credit is limited to 40% of the service tax paid when the full value of the service is taxed after availing CENVAT credit on inputs. This amendment aims to regulate the extent of credit permissible under the specified conditions.
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