Scope of Rule 6(3) of Cenvat Credit Rules, 2004 – Restriction on utilization of credit upto 20%

Scope of Rule 6(3) of Cenvat Credit Rules, 2004 – Restriction on utilization of credit upto 20% https://www.taxtmi.com/news?id=75 Rule 6(3) imposes a periodic cap on utilization of Cenvat credit where taxable and non taxable services are not separately recorded, but does not cause lapse of unutilized credit; the Tribunal in M/s Vijayanand Roadlines Ltd. and CBEC circular guidance confirm that any balance after applying the utilization limit may be carried forward and used in subsequent periods to pay service tax, subject to the prescribed recordkeeping and claim mechanism. en-us Wed, 08 Aug 2007 13:25:00 +0530 Wed, 25 Jun 2008 17:54:00 +0530 TaxTMI RSS Generator Scope of Rule 6(3) of Cenvat Credit Rules, 2004 – Restriction on utilization of credit upto 20% https://www.taxtmi.com/news?id=75 Rule 6(3) imposes a periodic cap on utilization of Cenvat credit where taxable and non taxable services are not separately recorded, but does not cause lapse of unutilized credit; the Tribunal in M/s Vijayanand Roadlines Ltd. and CBEC circular guidance confirm that any balance after applying the utilization limit may be carried forward and used in subsequent periods to pay service tax, subject to the prescribed recordkeeping and claim mechanism. News - Wed, 08 Aug 2007 13:25:00 +0530 https://www.taxtmi.com/news?id=75