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of <h1>Central Government Updates Service Tax Credit Rules: Key Amendments in Rule 2 and Rule 3 Explained</h1> The Central Government has amended the Service Tax Credit Rules, 2002, effective from the publication date in the Official Gazette. Key changes include substituting 'taxable service' with 'service' in rule 2, clause (b). Rule 3 now allows output service providers to claim service tax credit on input services, with specific conditions based on the issuance date of invoices. New provisions require service providers to maintain separate accounts for input services related to taxable and exempt or non-taxable output services. If separate accounts are not maintained, credit utilization is limited to 35% of the service tax payable. Additionally, service tax credit for telephone connections is restricted to those installed at service provision premises.
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