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of <h1>CENVAT Credit Rules Amended: Repayment Required for Used Capital Goods with 2.5% Quarterly Reduction</h1> The CENVAT Credit (Ninth Amendment) Rules, 2007, effective from November 13, 2007, amend the CENVAT Credit Rules, 2004. The amendment specifies that if capital goods, on which CENVAT Credit has been claimed, are removed after use, the manufacturer or service provider must repay the CENVAT Credit amount, reduced by 2.5% for each quarter or part thereof from the date the credit was initially taken. This adjustment is mandated by the Central Government under the powers conferred by the Central Excise Act, 1944, and the Finance Act, 1994.
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