Amends the CENVAT Credit Rules, 2004 - 010/2007 - Central Excise - Non Tariff

CENVAT credit expanded to include secondary and higher education cess, with utilisation, reconciliation and reporting conditions.

Amendments permit CENVAT credit treatment of the Secondary and Higher Education Cess and allow interchangeability in utilisation with existing education cess credits. Providers of specified output services may opt to utilise CENVAT credit for taxable services subject to written notification, monthly provisional computation and payment of credit attributable to exempted services, annual reconciliation by 30 June, interest on shortfalls, and reporting; annual-only reconciliation is allowed where no taxable service existed. Revised returns permitted within sixty days; exemptions invoked by manufacturers or service providers require payment of CENVAT credit on inputs in stock, with residual credit lapsing; penalties and rule wording are also revised.