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of <h1>India Amends CENVAT Credit Rules: Key Changes to Sub-rule 7, Rule 4, and New Rule 9 Provisions</h1> The Government of India has amended the CENVAT Credit Rules, 2004, effective April 1, 2011. Key changes include the substitution of sub-rule 7 in rule 4, allowing CENVAT credit for input services upon receipt of an invoice, bill, or challan. For services under reverse charge, credit is allowed after payment of service tax. If payment is not made within three months, the credit must be reversed. Rule 6 now defines the value of traded goods as the greater of the difference between sale price and cost or 10% of the cost. Rule 9 adds provisions for supplementary invoices, excluding cases of fraud or evasion.
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