https://www.taxtmi.com/article/detailed?id=446 Rule 3 allows manufacturers and service providers to take CENVAT credit on inputs, capital goods and input services and utilize it for payment of excise or service tax. Rule 14 makes recoveries for wrongly taken credit subject to the recovery provisions of the excise and finance statutes, with the applicable recovery mechanism determined by whether the credit was used to discharge excise or service tax liabilities. Entitlement to credit for input services turns on business nexus, factual allocation between business and private use, and adequate accounting records; lack of such proof may justify extended-period recovery. en-us Sun, 02 Aug 2009 00:00:00 +0530 Sun, 02 Aug 2009 15:18:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=446 Rule 3 allows manufacturers and service providers to take CENVAT credit on inputs, capital goods and input services and utilize it for payment of excise or service tax. Rule 14 makes recoveries for wrongly taken credit subject to the recovery provisions of the excise and finance statutes, with the applicable recovery mechanism determined by whether the credit was used to discharge excise or service tax liabilities. Entitlement to credit for input services turns on business nexus, factual allocation between business and private use, and adequate accounting records; lack of such proof may justify extended-period recovery. Articles Central Excise Sun, 02 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=446