https://www.taxtmi.com/circulars?id=5527 The amended CENVAT framework for taxpayers not maintaining separate accounts offers either a presumptive payment on the value of exempt supplies or payment equal to attributable CENVAT credit for exempted goods and services. Many taxpayers had accumulated CENVAT balances at the time of amendment; in the absence of an express prohibition or lapsing provision, taking and utilization of CENVAT credit is a substantive right and such accumulated balances are not to be treated as barred from post amendment use. en-us Fri, 21 Nov 2008 00:00:00 +0530 Mon, 09 Jan 2012 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5527 The amended CENVAT framework for taxpayers not maintaining separate accounts offers either a presumptive payment on the value of exempt supplies or payment equal to attributable CENVAT credit for exempted goods and services. Many taxpayers had accumulated CENVAT balances at the time of amendment; in the absence of an express prohibition or lapsing provision, taking and utilization of CENVAT credit is a substantive right and such accumulated balances are not to be treated as barred from post amendment use. Circulars Service Tax Fri, 21 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5527