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Rule 6(3) Cenvat Credit Rules

Cenvat Credit - By: - Sunil Kumar - Dated:- 25-4-2016 - CENVAT CREDIT AVAILABLE VS CENVAT CREDIT TAKEN ALARMING AMENDMENT IN RULE 6(3) OF CENVAT CREDIT RULES (a) A manufacturer who manufactures two classes of goods namely:- Non exempted goods removed Exempted goods removed Or (b) a provider of output service who provides two classes of services, namely:- Non Exempted Services Exempted Services Shall follow any one of the following options applicable to him namely:- (i) pay an amount equal to 6% .....

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F INPUT AND INPUT SERVICES TAKEN DURING THAT PERIOD or (Notification No: 23/2016) (ii) pay an amount as determined under sub-rule (3A): Provided that if any duty of excise paid on the exempted goods, the same shall be reduced from the amount payable under clause (i): Provided further that if any part of the value of a taxable service has been exempted on the condition that no CENVAT credit of inputs and input services, used for providing such taxable service, shall be taken then the amount speci .....

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es provided by him, and such option shall not be withdrawn during the remaining part of the financial year. Explanation 2.- No CENVAT credit shall be taken on the duty or tax paid on any goods and services that are not inputs or input services. Explanation 3.- For the purposes of this sub-rule and sub-rule(3A),- (a) ―non-exempted goods removed‖ means the final products excluding exempted goods manufactured and cleared upto the place of removal; (b) ―exempted goods removed‖ .....

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