CENVAT credit amendment: revised output service definitions, refund for reverse charge unutilised credit, and valuation and distribution rules. The notification amends the CENVAT Credit Rules, 2004 to redefine and clarify output service and exempted service, expand motor vehicle inclusions, substitute terminology throughout the rules, introduce a refund mechanism for unutilised credit on reverse charge services, revise valuation rules for rule 6 (including trading and securities), fix a specific valuation measure for rail transport, and prescribe pro rata distribution and relevant period rules for input service credit allocation.
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CENVAT credit amendment: revised output service definitions, refund for reverse charge unutilised credit, and valuation and distribution rules.
The notification amends the CENVAT Credit Rules, 2004 to redefine and clarify output service and exempted service, expand motor vehicle inclusions, substitute terminology throughout the rules, introduce a refund mechanism for unutilised credit on reverse charge services, revise valuation rules for rule 6 (including trading and securities), fix a specific valuation measure for rail transport, and prescribe pro rata distribution and relevant period rules for input service credit allocation.
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