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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 .....

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the case may be, and the provisions of section 11A of the Excise Act or section 73 of the Finance Act, 1994 (32 of 1994), as the case may be, shall apply mutatis mutandis for effecting such recoveries; (ii) Where the CENVAT credit has been taken and .....

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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 mont .....

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xt; (iii) credit inadmissible in terms of these rules taken during the month has been utilised thereafter. New Rule 14 provides for recovery of Cenvat credit taken but not utilized and prescribes the manner of determining utilization of credit. W.e.f .....

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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 .....

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, 1944 For Cenvat credit which has been erroneously refunded Amount of refund and interest Manufacturer Section 11A and 11AA of Central Excise Act, 1944 Output service provider Section 73 and 75 of Finance Act, 1994. In Rule 14, it has been provided .....

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ed first; (ii) credit admissible in terms of these rules taken during the month has been utilised next; (iii) credit inadmissible in terms of these rules taken during the month has been utilised thereafter, i.e. in the following order - first from op .....

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hin one year from bill date and bill payment time-limit. From the fresh notifications, I am not clear.Thanks & regardsDebtosh Dey - Reply By Dr. Sanjiv Agarwal - The Reply = Dear Sir, The amendment has been made vide Notification No.6/2015-CE(NT) .....

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