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RECENT AMENDMENTS IN CENVAT CREDIT PROVISIONS - PART-II

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 29-5-2015 Last Replied Date:- 11-6-2015 - Recovery of Cenvat Credit under Rule 14 (Amendment w.e.f. 1.3.2015) Vide Notification No. 6/2015-CE(NT) dated 1.3.2015, Rule 14 has been substituted w.e.f. 1.3.2015 as follows - 14. Recovery of CENVAT credit wrongly taken or erroneously refunded. - (1) (i) Where the CENVAT credit has been taken wrongly but not utilised, the same shall be recovered from the manufacturer or the provider of output service, as .....

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73 and 75 of the Finance Act, 1994, as the case may be, shall apply mutatis mutandis for effecting such recoveries. (2) For the purposes of sub-rule (1), all credits taken during a month shall be deemed to have been taken on the last day of the month and the utilisation thereof shall be deemed to have occurred in the following manner, namely: - (i) the opening balance of the month has been utilised first; (ii) credit admissible in terms of these rules taken during the month has been utilised ne .....

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ed. Cenvat Credit erroneously refunded. Recovery shall be made in the following manner - Action Recovery of Recovery from How For Cenvat credit wrongly taken but not utilized Amount of credit taken Manufacturer Section 11A of Central Excise Act, 1944 Output service provider Section 73 of Finance Act, 1944 For Cenvat credit taken and utilized wrongly Amount of credit and interest Manufacturer Section 11A and 11AA of Central Excise Act, 1944 Output service provider Section 73 and 75 of Finance Act .....

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