TMI BlogCENVAT Credit (Amendment) Rules, 2008X X X X Extracts X X X X X X X X Extracts X X X X ..... :- 1. (1) These rules may be called the CENVAT Credit (Amendment) Rules, 2008. (2) Save as otherwise provided in these rules, they shall come into force on the 1 st day of April, 2008 2. In the CENVAT Credit Rules, 2004 (hereinafter referred to as the said rules), in rule 2 ,- (i) in clause (l), for the words "clearance of final products from the place of removal", the words "clearance of final products, upto the place of removal," shall be substituted; (ii) in clause (p), for the words "any taxable service provided by the provider of taxable service", the words "any taxable service, excluding the taxable service referred to in sub-clause (zzp) of clause (105) of section 65 of the Finance Act, provided by the provider of ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er cent. of value of the exempted services; or (ii) the manufacturer of goods or the provider of output service shall pay an amount equivalent to the CENVAT credit attributable to inputs and input services used in, or in relation to, the manufacture of exempted goods or for provision of exempted services subject to the conditions and procedure specified in sub-rule (3A). Explanation I.- If the manufacturer of goods or the provider of output service, avails any of the option under this sub-rule, he shall exercise such option for all exempted goods manufactured by him or, as the case may be, all exempted services provided by him, and such option shall not be withdrawn during the remaining part of the financial year. Explanation II ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of exempted services provided during the preceding financial year, C denotes the total value of dutiable goods manufactured and removed plus the total value of taxable services provided plus the total value of exempted services provided, during the preceding financial year and D denotes total CENVAT credit taken on inputs during the month minus A; (iii) the amount attributable to input services used in or in relation to manufacture of exempted goods or provision of exempted services (provisional) = (E/F) multiplied by G, where E denotes total value of exempted services provided plus the total value of exempted goods manufactured and removed during the preceding financial year, F denotes total value of taxable and exempted services provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of taxable and exempted services provided, and total value of dutiable and exempted goods manufactured and removed, during the financial year, and 1 P denotes total CENVAT credit taken on input services during the financial year; (d) the manufacturer of goods or the provider of output service, shall pay an amount equal to the difference between the aggregate amount determined as per condition (c) and the aggregate amount determined and paid as per condition (b), on or before the 30 th June of the succeeding financial year, where the amount determined as per condition (c) is more than the amount paid; (e) the manufacturer of goods or the provider of output service, shall, in addition to the amount short-paid, be liable to pay inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rescribed in condition (b), due to reasons that no dutiable goods were manufactured and no taxable service was provided in the preceding financial year, then the manufacturer of goods or the provider of output service is not required to determine and pay such amount provisionally for each month, but shall determine the CENVAT credit attributable to exempted goods or exempted services for the whole year as prescribed in condition (C) and pay the amount so calculated on or before 30 th June of the succeeding financial year. (i) where the amount determined under condition (h) is not paid within the said due date, i.e., the 30 th June, the manufacturer of goods or the provider of output service shall, in addition to the said amount, be li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervice, which receives invoices, issued in terms of the provisions of the Central Excise Rules, 2002, towards the purchase of inputs and capital goods. (2) The provisions of these rules or any other rules made under the Central Excise Act, 1944, as made applicable to a first stage dealer or a second stage dealer, shall mutatis mutandis apply to such office or premises of the provider of output service.". 6. After rule 15 of the said rules, the following rule shall be inserted with effect from the 1 st day of March, 2008, namely:- " 15A. General penalty .- Whoever contravenes the provisions of these rules for which no penalty has been provided in the rules, he shall be liable to a penalty which may extend to five thousand rupees.". ..... X X X X Extracts X X X X X X X X Extracts X X X X
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