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Video Presentation Changes in Cenvat Credit Rules 2004 vide Union Budget 2016

Cenvat Credit - By: - CA Bimal Jain - Dated:- 3-5-2016 Last Replied Date:- 4-5-2016 - Effective from April 1, 2016, there are various changes made applicable under the Cenvat Credit Rules, 2004 ( the Credit Rules ), with a view to simplify and rationalize the Credit Rules. The important changes have been discussed along with availment of Cenvat credit of Service tax paid on assignment of right to use of natural resources by the Government or Local Authority or any other person. However, there ar .....

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is duly amended/ clarified by following Notifications/ Circular as on date. Notification/ Circular No. Particulars Notification No. 13/2016-CE(NT) dated March 1, 2016; Amendment in the Credit Rules to make changes in various Rules/ Sub-rules of the Credit Rules. Notification No. 23/2016-CE(NT) dated April 1, 2016 Rule 6(3) of the Credit Rules, amended to provide that the assessee can pay an amount equal to 6% of value of the exempted goods and 7% of value of the exempted services subject to sum .....

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r, on the one-time charges payable in full upfront or in instalments, for the service of assignment of the right to use any natural resource by the Government, local authority or any other person, shall be spread evenly over a period of 3 years instead of over a period of right to use. Further, time limit of 1 year for availment of Cenvat credit on Input services is not applicable in case of services provided by Government, local authority or any other person, by way of assignment of right to us .....

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