CENVAT Credit Rules amendment regarding option to pay tax by the manufacturer of goods or the provider of output service, opting not to maintain separate accounts.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
NOTIFICATION No. 23 /2016-
Central Excise (N.T.)
New Delhi, the 01st April, 2016
G.S.R. (E). – In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely.
1. (1) These rules may be called the CENVAT Credit (Fourth Amendment) Rules, 2016.
(2) They shall come into force from the date of their publication in the official Gazette.
2. In the CENVAT Credit Rules, 2004,-
(a) in rule 6, in sub-rule (3) for clause (i), the following clause shall be substituted , namely :-
“(i) pay an amount equal to six per cent. of value of the exempted goods and seven per cent. of value of the exempted services subject to a maximum of the sum total of opening balance of the credit of input and input services available at the beginning of the period to which the payment relates and the credit of input and input services taken during that period; or” ;
(b) in rule 7B, in sub-rule (1) for the words and figures “invoices, issued in terms of the provisions of the Central Excise Rules, 2002,” the words and figure “documents specified under rule 9,” shall be substituted.
[F. No.267/17/2016-CX.8]
(Shankar Prasad Sarma)
Under Secretary
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification No. 23/2004 – Central Excise (N.T.) dated the 10th September, 2004 vide number G.S.R. 600(E) dated the 10th September, 2004 and last amended vide notification No. 13/2016(N.T.)- Central Excise (N.T.) dated 1st March, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 244 (E) , dated the 1 st March, 2016.
----------- Similar Posts: -----------In absence of mala fide intention bank should not be treated as assessee in default for late deduction and deposit…
Whether bank account was fraudulently open in the name of assessee is question of fact. High Court declined to entertain…
SBI Concurrent Auditor Empanelment of Chartered Accountant Firms for FY 2024-25 SBI Concurrent Auditor Empanelment of CA Firms for FY…
Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants In 2015, the Ministry of Corporate Affairs…
Trade Tax Department was unjustified in retaining refund beyond stipulated period and adjusting it against default notices issued subsequently. In…
Notice issued u/s 143(2) prior to filing of return of income by the assessee was invalid. Before filing ITR provisions…