https://www.taxtmi.com/news?id=1631 A broad withdrawal of Central Excise exemptions imposes a nominal levy on specified formerly exempt goods with a prohibition on claiming Cenvat credit; formerly nil-tariff items are assigned statutory rates but an alternate concessional rate is prescribed to allow manufacturers to elect Cenvat credit. Amendments to the Cenvat Credit Rules extend the definition of exempted goods, require reversal of attributable credit for shared inputs and input services, bar credit for manufacturers and purchasers of goods under the nominal levy, and prevent discharge of duty using existing Cenvat credit. Specific exemptions for paper, looms, and certain electronic components are withdrawn into the concessional bracket. en-us Mon, 28 Feb 2011 17:30:09 +0530 Mon, 28 Feb 2011 17:30:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=1631 A broad withdrawal of Central Excise exemptions imposes a nominal levy on specified formerly exempt goods with a prohibition on claiming Cenvat credit; formerly nil-tariff items are assigned statutory rates but an alternate concessional rate is prescribed to allow manufacturers to elect Cenvat credit. Amendments to the Cenvat Credit Rules extend the definition of exempted goods, require reversal of attributable credit for shared inputs and input services, bar credit for manufacturers and purchasers of goods under the nominal levy, and prevent discharge of duty using existing Cenvat credit. Specific exemptions for paper, looms, and certain electronic components are withdrawn into the concessional bracket. News - Mon, 28 Feb 2011 17:30:09 +0530 https://www.taxtmi.com/news?id=1631