TaxTMI 
TaxTMI 
Amends the CENVAT Credit Rules, 2004
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....ome into force on the date of their publication in the Official Gazette. 2. In the CENVAT Credit Rules, 2004 (hereinafter referred to as the said rules), in rule 3, (a) in sub-rule (1), (i) after clause (vi), the following clause shall be inserted, namely:- (via) the Secondary and Higher Education Cess on excisable goods leviable under clause (126) read with clause (128) of the Finance Bill, 2007, which by virtue of the declaration made in the said Finance Bill under the Provisional Collection of Taxes Act, 1931 (16 of 1931), has the force of law; (ii) in clause (vii), for the word, figures and brackets and (vi), the word, figures, brackets and letter , (vi) and (via) shall be substituted; (b) in sub-rule (7), in clause ....
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....education cess on taxable services. 3. In rule 6 of the said rules, in sub-rule (3), after Explanation II, the following condition shall be inserted with effect from the 1st day of April, 2007, namely:- (d) notwithstanding anything contained in condition (c), the provider of output service referred to in sub-clause (d) of clause (105) of section 65 of the Finance Act has the option to utilise CENVAT credit attributable to inputs and input services used in providing taxable services subject to the following, namely:- (i) while exercising the option under this condition, the provider of output service shall intimate his option in writing to the Superintendent of ....
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....manner, namely:- CENVAT credit attributable to exempted services = (X/Y) multiplied by Z, where X denotes total value of exempted services provided during the financial year, Y denotes total value of taxable and exempted services provided during the financial year, and Z denotes total CENVAT credit of inputs and input services taken during the financial year; (d) pay an amount equal to the difference between the amount determined as per item (c) and the amount determined as per item (a), on or before the 30th June of the succeeding financial year, where the amount determined as per item (c) is more than the amount paid; (e) in addition to the amount short-paid, be liable to pay intere....
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....nbsp; credit taken on account of excess payment, if any, determined as per part (iii)item(f); (v) where the amount equivalent to CENVAT credit attributable to exempted services can not be determined provisionally since no taxable service referred to in sub-clause (d) of clause (105) of section 65 of the Finance Act has been provided, the provider of output service is not required to determine, provisionally, and pay CENVAT credit attributable to exempted services for each month but he shall determine the CENVAT credit attributable to exempted services for the whole year as prescribed in part (iii) item....
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.... (11) The provider of output service, availing CENVAT credit referred to in sub-rule (9) or the input service distributor referred to in sub-rule (10), as the case may be, may submit a revised return to correct a mistake or omission within a period of sixty days from the date of submission of the return under sub-rule (9) or sub-rule (10), as the case may be. 5. In rule 11 of the said rules, after sub-rule (2), the following sub-rules shall be inserted, namely:- (3) A manufacturer or producer of a final product shall be required to pay an amount equivalent to the CENVAT credit, if any, taken by him in respect of inputs received for use in the manufacture of the said final product and is lying in stock or in ....
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....sable goods, whether cleared for home consumption or for export or for payment of service tax on any other output service, whether provided in India or exported. 6. In rule 15 of the said rules,- (a) in sub-rule (1),- (i) for the words , without taking reasonable steps to ensure that appropriate duty on the said input or capital goods has been paid as indicated in the document accompanying the input or capital goods specified in rule 9 or contravenes, the words, in contravention of shall be substituted; (ii) with effect from the date on which the Finance Bill, 2007 receives assent of the President, for the words, ten thousand rupees, the words, two thousand rupees shall....