https://www.taxtmi.com/article/detailed?id=1165 Amendments to the Cenvat Credit Rules redefine Inputs and Input Services, extend the definition of "manufacture or producer," deny credit for goods liable to reduced-duty notification No.1/2011 and for trading or abated services, and cap certain credits such as CVD for ship breaking. They recognize credit on capital goods used outside factory premises for electricity, impose specified time limits and obligations for reversal and recovery, require enhanced record-keeping and periodic reversals, introduce a 5% option for exempted supplies, and establish sectoral credit caps for banking and life insurance. en-us Tue, 01 Mar 2011 15:06:26 +0530 Tue, 01 Mar 2011 15:20:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1165 Amendments to the Cenvat Credit Rules redefine Inputs and Input Services, extend the definition of "manufacture or producer," deny credit for goods liable to reduced-duty notification No.1/2011 and for trading or abated services, and cap certain credits such as CVD for ship breaking. They recognize credit on capital goods used outside factory premises for electricity, impose specified time limits and obligations for reversal and recovery, require enhanced record-keeping and periodic reversals, introduce a 5% option for exempted supplies, and establish sectoral credit caps for banking and life insurance. Articles Service Tax Tue, 01 Mar 2011 15:06:26 +0530 https://www.taxtmi.com/article/detailed?id=1165