CENVAT credit amendments limit utilization, permit conditional off site input storage and relax documentary strictness where officer is satisfied. Amendments revise CENVAT Credit Rules to add light diesel oil to definitions; recognise National Calamity Contingent duty within CENVAT; limit utilization of credit to the extent available on the last day of the month; require repayment when inputs or capital goods on which credit was taken are removed as such; restrict utilisation of credits for specified additional or customs-equivalent duties to payment of those respective duties; permit exceptional storage of credited inputs outside the factory subject to officer order and repayment obligation; and allow credit despite incomplete documents if key particulars exist and the Assistant/Deputy Commissioner is satisfied and records reasons.
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CENVAT credit amendments limit utilization, permit conditional off site input storage and relax documentary strictness where officer is satisfied.
Amendments revise CENVAT Credit Rules to add light diesel oil to definitions; recognise National Calamity Contingent duty within CENVAT; limit utilization of credit to the extent available on the last day of the month; require repayment when inputs or capital goods on which credit was taken are removed as such; restrict utilisation of credits for specified additional or customs-equivalent duties to payment of those respective duties; permit exceptional storage of credited inputs outside the factory subject to officer order and repayment obligation; and allow credit despite incomplete documents if key particulars exist and the Assistant/Deputy Commissioner is satisfied and records reasons.
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