CENVAT credit on finished goods lying in stock revised basis for valuation and eligibility under CENVAT Credit Rules. The amendment under sub-rule (3) of rule 9A of the CENVAT Credit Rules substitutes the Table entry for finished goods lying in stock, identifying four categories-unprocessed cotton fabrics, other unprocessed fabrics, certain exempt yarns (excluding specified shoddy yarns), and articles of apparel and clothing accessories-and prescribes valuation formulas for credit calculation: declared value multiplied by 26% of the rate of duty for unprocessed cotton fabrics, declared value multiplied by 60% of the rate of duty for other unprocessed fabrics, deemed value multiplied by the rate of duty for eligible yarns, and declared value multiplied by 12% of the rate of duty for apparel and clothing accessories.
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CENVAT credit on finished goods lying in stock revised basis for valuation and eligibility under CENVAT Credit Rules.
The amendment under sub-rule (3) of rule 9A of the CENVAT Credit Rules substitutes the Table entry for finished goods lying in stock, identifying four categories-unprocessed cotton fabrics, other unprocessed fabrics, certain exempt yarns (excluding specified shoddy yarns), and articles of apparel and clothing accessories-and prescribes valuation formulas for credit calculation: declared value multiplied by 26% of the rate of duty for unprocessed cotton fabrics, declared value multiplied by 60% of the rate of duty for other unprocessed fabrics, deemed value multiplied by the rate of duty for eligible yarns, and declared value multiplied by 12% of the rate of duty for apparel and clothing accessories.
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