CENVAT Credit Rules Amended: New Exemptions for Financial Institutions and Extended Credit Transfer Periods Announced.

The CENVAT Credit (Amendment) Rules, 2017, effective from its publication date, modifies the CENVAT Credit Rules, 2004. It introduces a proviso in rule 6, sub-rule (3D), clause (e), exempting banking companies and financial institutions, including non-banking financial companies, from certain provisions. Additionally, a new sub-rule (4) in rule 10 allows the transfer of CENVAT Credit within three months of application receipt by the Deputy or Assistant Commissioner of Central Excise. This period can be extended by up to six months by the Principal or Commissioner of Central Excise for valid reasons documented in writing.

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