Utilization of accumulated Cenvat credit restricted in terms of Erstwhile Rule 6(3)(c) of Cenvat Credit Rules, 2004 - Regarding

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..... Subject : Utilization of accumulated Cenvat credit restricted in terms of Erstwhile Rule 6(3)(c) of Cenvat Credit Rules, 2004 - Regarding. 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 points emerged during its cons .....

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..... l to 8% of the value of such exempted/non-taxable service; OR (ii) 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 1-4-2008. The matter to be considered was whether this credit balance shou .....

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