https://www.taxtmi.com/manuals?id=172 Transitional rules require that when a manufacturer or service provider opts for value based exemption, Cenvat credit already taken cannot be used further and any balance except capital goods credit lapses; inputs, inputs in process, and finished goods on which credit was availed must be inventoried and the equivalent credit reversed, with any shortfall paid from the principal account. Manufacturers resuming duty payment may claim credit on inventoried inputs with documentary evidence; the facility to avail credit on stock inputs does not extend to service providers, and credit on input services lapses while capital goods credit may be retained. en-us Sat, 19 Jan 2008 23:16:00 +0530 Fri, 25 Sep 2015 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=172 Transitional rules require that when a manufacturer or service provider opts for value based exemption, Cenvat credit already taken cannot be used further and any balance except capital goods credit lapses; inputs, inputs in process, and finished goods on which credit was availed must be inventoried and the equivalent credit reversed, with any shortfall paid from the principal account. Manufacturers resuming duty payment may claim credit on inventoried inputs with documentary evidence; the facility to avail credit on stock inputs does not extend to service providers, and credit on input services lapses while capital goods credit may be retained. Manuals Cenvat Credit Sat, 19 Jan 2008 23:16:00 +0530 https://www.taxtmi.com/manuals?id=172