CENVAT credit utilization timing limited to balances on prescribed cut off dates, and new RT-12 return mandates fortnightly and monthly duty reporting. The rules restrict CENVAT credit utilisation to the balance available on the fifteenth day for first fortnight liabilities and on the last day for second fortnight liabilities, or on a monthly basis for manufacturers availing annual value based exemption; and prescribe RT-12 as the consolidated return under Rules 54 and 173G requiring detailed product, production, removal, duty liability and payment particulars, interest and miscellaneous payment disclosures together with a self assessment declaration and specified procedural notes.
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CENVAT credit utilization timing limited to balances on prescribed cut off dates, and new RT-12 return mandates fortnightly and monthly duty reporting.
The rules restrict CENVAT credit utilisation to the balance available on the fifteenth day for first fortnight liabilities and on the last day for second fortnight liabilities, or on a monthly basis for manufacturers availing annual value based exemption; and prescribe RT-12 as the consolidated return under Rules 54 and 173G requiring detailed product, production, removal, duty liability and payment particulars, interest and miscellaneous payment disclosures together with a self assessment declaration and specified procedural notes.
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