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TMI BlogAmends the CENVAT Credit Rules, 2004X X X X Extracts X X X X X X X X Extracts X X X X ..... into force on the date of their publication in the Official Gazette. 2. In the CENVAT Credit Rules, 2004 (hereinafter referred to as the said rules), in rule 3, (a) in sub-rule (1), (i) after clause (vi), the following clause shall be inserted, namely:- (via) the Secondary and Higher Education Cess on excisable goods leviable under clause (126) read with clause (128) of the Finance Bill, 2007, which by virtue of the declaration made in the said Finance Bill under the Provisional Collection of Taxes Act, 1931 (16 of 1931), has the force of law; (ii) in clause (vii), for the word, figures and brackets and (vi), the word, figures, brackets and letter , (vi) and (via) shall be substituted; (b) in sub-rule (7), in clause (b),- (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In rule 6 of the said rules, in sub-rule (3), after Explanation II, the following condition shall be inserted with effect from the 1st day of April, 2007, namely:- (d) notwithstanding anything contained in condition (c), the provider of output service referred to in sub-clause (d) of clause (105) of section 65 of the Finance Act has the option to utilise CENVAT credit attributable to inputs and input services used in providing taxable services subject to the following, namely:- (i) while exercising the option under this condition, the provider of output service shall intimate his option in writing to the Superintendent of Central Excise giving the following particulars, namely:- (a) name and address of the provider of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le and exempted services provided during the financial year, and Z denotes total CENVAT credit of inputs and input services taken during the financial year; (d) pay an amount equal to the difference between the amount determined as per item (c) and the amount determined as per item (a), on or before the 30th June of the succeeding financial year, where the amount determined as per item (c) is more than the amount paid; (e) in addition to the amount short-paid, be liable to pay interest at the rate of twenty-four per cent. per annum from the due date i.e. 30th June till the date of payment, where the amount short-paid is not paid within the said due date; (f) where the amount determined as per item (c) is less than the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ributable to exempted services for each month but he shall determine the CENVAT credit attributable to exempted services for the whole year as prescribed in part (iii) item (c) and pay the amount so calculated on or before 30th June of the succeeding financial year. (vi) where the amount determined under part (v) is not paid within the said due date i.e. the 30th June, the provider of output service shall, in addition to the said amount, be liable to pay interest at the rate of twenty four per cent. per annum from the due date till the date of payment. 4. In rule 9 of the said rules,- (a) for sub-rule (2), the following sub-rule shall be substituted, namely:- (2) No CENVAT credit under sub-rule(1) shall be taken unless ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ken by him in respect of inputs received for use in the manufacture of the said final product and is lying in stock or in process or is contained in the final product lying in stock, if,- (i) he opts for exemption from whole of the duty of excise leviable on the said final product manufactured or produced by him under a notification issued under section 5A of the Act; or (ii) the said final product has been exempted absolutely under section 5A of the Act, and after deducting the said amount from the balance of CENVAT credit, if any, lying in his credit, the balance, if any, still remaining shall lapse and shall not be allowed to be utilized for payment of duty on any other final product whether cleared for home consumption or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed; (b) in sub-rule (3),- (i) for the words, without taking reasonable steps to ensure that appropriate service tax on the said input services has been paid as indicated in the document accompanying the input services specified in rule 9, or contravenes any of the provisions of these rules, the words, in contravention of any of the provisions of these rules shall be substituted; (ii) with effect from the date on which the Finance Bill, 2007 receives assent of the President, for the words, ten thousand rupees, the words, two thousand rupees shall be substituted. [F.No.334/1/2007-TRU] (S.Bajaj) Under Secretary to the Government of India Note: The principal rules were published in the Gazette of India, Extr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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