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Cenvat Credit - A fortunate paradigm shift ?

Cenvat Credit - By: - Meet Jain - Dated:- 2-3-2015 Last Replied Date:- 30-12-1899 - 3rd, March, 2014 Union Budget 2015-16 set a one year time limit from date of invoice for taking CENVAT Credit, previously which was six months from date of invoice as a measure of business facilitation. Until 1 September 2014, there was no time limit for claiming CENVAT credit on inputs and input services received by manufacturers or service providers. In case of inputs, credit could be claimed once goods entered .....

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NVAT credit on input services is to be reversed if payment is not made to the service provider within three months of the date of invoice; however, CENVAT credit can be re-availed once the payment is made; CENVAT credit is to be reversed if the value of inputs is written off before being used; however, credit can be re-availed when the inputs are used; CENVAT credit on inputs cleared to job workers is to be reversed if the inputs are not returned within the prescribed time limit; however, cred .....

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