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New Rule 11(3) in Cenvat Credit Rules, 2004 affects tax-paying assessees opting for exemptions post-July 1, 2007.

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Full Text of the Document

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....Lapse of credit in case of exempted goods - The question of reversal does not arise. In effect, the amendment to Cenvat Credit Rules, 2004 by the insertion of Rule 11 (3) will operate only on tax paying assessees who opt to avail exemption on or after 01.07.2007....

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