Utilization of accumulated CENVAT credit restricted in terms of Erstwhile Rule 6 (3) (c) CENVAT Credit Rules, 2004 - reg.

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.... Dated : November 21, 2008 Subject : Utilization of accumulated CENVAT credit restricted in terms of Erstwhile Rule 6 (3) (c) CENVAT Credit Rules, 2004 - reg. Kindly refer to your letter C.No.715/Hqrs/Audit/08 dated 20/11/2008 on the subject mentioned above wherein the issue of utilization of accumulated CENVAT credit has been raised. The matter has been examined and the following point....

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.... he may pay an amount equal to 8% of the value of such exempted/non-taxable service OR (i) Option No.2 - He may pay an amount equivalent to CENVAT Credit attributable to inputs and input services attributable to exempted goods and non-taxable/exempted services. As stated earlier, many taxpayers had accumulated CENVAT credit balance as on 01.04.2008. The matter to be considered was whether....