Rescission of notification under statutory power withdraws earlier service tax notification while preserving prior acts.
The Central Government, invoking its statutory power under the Finance Act, rescinds the earlier service tax notification issued in April 1999, withdrawing that administrative instrument prospectively while expressly preserving the legal effect of actions and omissions completed before the rescission.

Service tax credit: entitlement tied to payment and credit transferable on establishment transfer or ownership change.
Amendment conditions entitlement to service tax credit on payment for the input service and related service tax shown in invoice or challan, limits utilisation to the credit available on the last day of the month (or quarter for individuals, proprietors and partnerships), and permits transfer of unutilised credit when an establishment is shifted or transferred on change of ownership, sale, merger, amalgamation, lease or to a joint venture with specific provision for transfer of liabilities.