Amendments in CENVAT Credit Rules

By | February 28, 2016
(Last Updated On: February 28, 2016)

Amendments in CENVAT Credit Rules

The CENVAT Credit Rules have been amended vide Notification Nos. 01/2016- CX (N.T) and 02/2016- CX (N.T), both Dated: February 03, 2016 as follows:

  1. For the purpose of definition of Input Services,sales promotion would include services by way of sale of dutiable goods on commission basis.
  2. The condition of allowing only 85% of CENVAT credit of the additional duty of customs paid under section 3(1) of the Customs Tariff Act, on ships, boats and other floating structures for breaking up falling under tariff item 8908 00 00 of the First Schedule to the Customs Tariff Act has been done away with.
  3. It has been provided that CENVAT Credit of any duty specified in Rule 3(1) will not be utilised for payment of the Swachh Bharat Cess levied under sub-section (2) of section 119 of the Finance Act, 2015.

[Notification Nos. 01/2016- CX (N.T) and 02/2016- CX (N.T), both Dated: February 03, 2016]

[Instruction F.No.390/Misc./163/2010-JC dated February 04, 2016]

 

Direct Taxes Ready ReckonerService Tax Ready ReckonerCompany Law Ready Reckonertax deduction at source
New Books Released on Tax , GST and law

Leave a Reply

Your email address will not be published. Required fields are marked *