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AMENDMENTS AT A GLANCE IN CENVAT RULES IN 2015

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 30-11-2015 - Cenvat Credit Rules, 2004 have been subject to frequent and varied changes over the time. Following Table captures the amendments made in Cenvat Credit Rules, 2004 in 2015. Amendments in Cenvat Credit Rules in 2015 at a Glance Sr. No. Notification No./Date Rule/Sub-Rule Nature of Amendment Effective Date 1. Notification 6/2015-CE(NT) dated 1.3.2015 (4)(1) (a) The Cenvat Credit in respect of inputs may also taken on receipt of the inpu .....

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the direction of the manufacturer or the provider of output service. 1.3.2015 4(5)(a) In case of Cenvat Credit on inputs may be availed even if inputs are directly sent to the premise of the job worker. The goods sent to the job worker can be moved to another job worker as well, however it shall be assured that the goods are received back by the manufacturer within 180 days from the date of sending such goods. In case, the goods are sent to job worker premises without first receiving into factor .....

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goods' defined to mean goods which are to be taken out of India to a place outside India 1.3.2015 6(1) Provision relating to reversal of Cenvat credit presently applicable to exempted goods /services made applicable to non-excisable goods i.e., exempted goods or final products shall include non- excisable goods cleared for a consideration from factory. Value of non-excisable goods shall be invoice value or if invoice value is not available, by using reasonable means in terms of Excise Act. .....

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73 and 75 of Finance Act, 1994 to apply. All credits taken during month shall be deemed to have been taken on last day of month and utilization thereof in preference of opening balance, credit admissible taken during the month and then credit inadmissible taken during the month utilized thereafter. 1.3.2015 15 (1) Penalty to be in terms of section 11AC (1) (a) or (b) of Central Excise Act, 1944 or section 76(1) of Finance Act, 1994 14-5-2015 15(2) Penalty to be in terms of section 11AC (1) (c) o .....

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