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of <h1>CENVAT Credit Rules Amended: New Provisions for Education Cess, Revised Penalties, and Credit Utilization for Service Providers</h1> The notification amends the CENVAT Credit Rules, 2004, effective from March 1, 2007. The amendments include the introduction of provisions for the Secondary and Higher Education Cess on excisable goods, allowing its credit utilization for payment of similar cesses. It also provides an option for service providers to utilize CENVAT credit for inputs related to taxable services, with specific conditions and procedures for provisional and final determination of credit related to exempted services. Additionally, it revises rules on credit documentation, return submissions, and penalties, including reducing certain penalties from ten thousand to two thousand rupees.
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