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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 .....

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of value of exempted goods and 7% of value of the exempted services SUBJECT TO MAXIMUM OF THE TOTAL CREDIT AVAILABLE IN THE ACCOUNTS OF THE ASSESSEE AT THE END OF THE PERIOD TO WHICH PAYMENT RELATES; or (i) pay an amount equal to six percent of value .....

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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 .....

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fied in clause (i) shall be seven percent of the value so exempted: Provided also that in case of transportation of goods or passenger by rail, the amount required to be paid under clause (i) shall be an amount equal to 2% of value of the exempted se .....

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es provided by him, and such option shall not be withdrawn during the remaining part of the financial year.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. Expla .....

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; means the exempted goods manufactured and cleared upto the place of removal; (c) ―non-exempted services‖ means the output services excluding exempted services. (Notification No: 13/2016) ANALYSIS: AMENDEMENT THROUGH BUDGET One of the op .....

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