TaxTMI 
TaxTMI 
TaxTMI 
Budget 2007 – Central Excise – Proposed changed in Cenvat Credit Rules, 2004
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....udget 2007 – Central Excise – Proposed changed in Cenvat Credit Rules, 2004 <br>News and Press Release<br>Dated:- 28-2-2007<br><BR>Budget 2007 - Central Excise - Proposed changed in Cenvat Credit Rules, 2004 " The CENVAT Credit Rules, 2004 have been amended as under (with immediate Effect i.e. with effect from 1-3-2007): 1 Necessary amendments have been made in the Cenvat Credit Rules, 2004....
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.... to allow credit of Secondary and Higher Education Cess paid on inputs and capital goods, which can be utilized for payment of Education cesses only. 2 Sub-rule (2) of rule 9 has been amended to provide that the CENVAT credit can be taken if all the particulars as prescribed under the rules are available on the invoice or other duty-paying document. Further, in case any of the required particula....
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....rs (other than specified particulars) are not available on the document, the Assistant/Deputy Commissioner may allow the credit subject to his satisfaction that (i) goods/services covered by said document has been received by the asseessee, and (ii) the receipt of said goods/services has been accounted for in the books of accounts of the receiver. Consequential amendments have also been made in ru....
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....le 15(1) and 15(3), which provides for penal action. Subrule (3) of rule 9 has been deleted; 3 Sub-rule (11) has been inserted in rule 9 so as to allow an assessee to rectify mistakes and file revised return within 60 days from the date of filing of original return, subject to specified conditions; 4 New sub-rules (3) & (4) have been inserted in rule 11 to provide that when a person opts for e....
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....xemption from whole of duty (in case of conditional notification) or where a product becomes exempted absolutely, in such cases, the CENVAT credit taken on inputs lying in stock, or in process or contained in the final product lying in stock should be reversed. Similar provision has been made in respect of cases wherein taxable service becomes exempted. However, no reversal of credit of input serv....
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....ices is required to be made in such cases.<BR> News - Press release - PIB....