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TMI BlogCENVAT Credit (Amendment) Rules, 2008X X X X Extracts X X X X X X X X Extracts X X X X ..... ENVAT Credit (Amendment) Rules, 2008. (2) Save as otherwise provided in these rules, they shall come into force on the 1st day of April, 2008 2. In the CENVAT Credit Rules, 2004 (hereinafter referred to as the said rules), in rule 2,- (i) in clause (l), for the words "clearance of final products from the place of removal", the words "clearance of final products, upto the place of removal," shall be substituted; (ii) in clause (p), for the words "any taxable service provided by the provider of taxable service", the words "any taxable service, excluding the taxable service referred to in sub-clause (zzp) of clause (105) of section 65 of the Finance Act, provided by the provider of taxable service" shall be substituted with effect from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the provider of output service shall pay an amount equivalent to the CENVAT credit attributable to inputs and input services used in, or in relation to, the manufacture of exempted goods or for provision of exempted services subject to the conditions and procedure specified in sub-rule (3A). Explanation I.- If the manufacturer of goods or the provider of output service, avails any of the option under this sub-rule, he shall exercise such option for all exempted goods manufactured by him or, as the case may be, all exempted services provided by him, and such option shall not be withdrawn during the remaining part of the financial year. Explanation II.-For removal of doubt, it is hereby clarified that the credit shall not be allowed on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods manufactured and removed plus the total value of taxable services provided plus the total value of exempted services provided, during the preceding financial year and D denotes total CENVAT credit taken on inputs during the month minus A; (iii) the amount attributable to input services used in or in relation to manufacture of exempted goods or provision of exempted services (provisional) = (E/F) multiplied by G, where E denotes total value of exempted services provided plus the total value of exempted goods manufactured and removed during the preceding financial year, F denotes total value of taxable and exempted services provided, and total value of dutiable and exempted goods manufactured and removed, during the preceding financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the financial year, and 1P denotes total CENVAT credit taken on input services during the financial year; (d) the manufacturer of goods or the provider of output service, shall pay an amount equal to the difference between the aggregate amount determined as per condition (c) and the aggregate amount determined and paid as per condition (b), on or before the 30th June of the succeeding financial year, where the amount determined as per condition (c) is more than the amount paid; (e) the manufacturer of goods or the provider of output service, shall, 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 sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , then the manufacturer of goods or the provider of output service is not required to determine and pay such amount provisionally for each month, but shall determine the CENVAT credit attributable to exempted goods or exempted services for the whole year as prescribed in condition (C) and pay the amount so calculated on or before 30th June of the succeeding financial year. (i) where the amount determined under condition (h) is not paid within the said due date, i.e., the 30th June, the manufacturer of goods or 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. Explanation I.- "Value" for the purpose of sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ese rules or any other rules made under the Central Excise Act, 1944, as made applicable to a first stage dealer or a second stage dealer, shall mutatis mutandis apply to such office or premises of the provider of output service.". 6. After rule 15 of the said rules, the following rule shall be inserted with effect from the 1st day of March, 2008, namely:- "15A. General penalty.- Whoever contravenes the provisions of these rules for which no penalty has been provided in the rules, he shall be liable to a penalty which may extend to five thousand rupees.". [F.No. 334/1/2008-TRU] (S. Bajaj) Under Secretary to the Government of India Note.- The principal rules were published in the Gazette of India, Part II, Section 3, sub-section (i) Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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