https://www.taxtmi.com/circulars?id=5920 Following amendment to the CENVAT Credit Rules effective 01.04.2008, taxpayers not maintaining separate accounts may either pay prescribed percentages on values of exempted goods and exempted/non taxable services or pay the CENVAT credit attributable to inputs and input services for those exempted supplies. Taxpayers with accumulated CENVAT credit balances as of the amendment date should not be denied utilisation of that accumulated credit after 01.04.2008 in the absence of an explicit statutory prohibition, since credit-taking and utilisation is a substantive right under a value added taxation scheme. en-us Fri, 13 Mar 2009 00:00:00 +0530 Tue, 10 Jan 2012 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5920 Following amendment to the CENVAT Credit Rules effective 01.04.2008, taxpayers not maintaining separate accounts may either pay prescribed percentages on values of exempted goods and exempted/non taxable services or pay the CENVAT credit attributable to inputs and input services for those exempted supplies. Taxpayers with accumulated CENVAT credit balances as of the amendment date should not be denied utilisation of that accumulated credit after 01.04.2008 in the absence of an explicit statutory prohibition, since credit-taking and utilisation is a substantive right under a value added taxation scheme. Circulars Service Tax Fri, 13 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5920