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CENVAT CREDIT RULES, 2004. [Notification No. 23/2004-C.E. (N.T.), dated 10-9-2004 as amended] ollowin. extent and commencement. — (1) These rules may be called the . (2) They extend to the whole of India :
1. Short title, extent and commencement. (1) These rules may be called the CENVAT Credit (Fifth Amendment) Rules, 2006. (2) They shall come into force on the 1st day of May, 2006. (Above rule 1 has been amended vide Notification No. 10/2006 - Central Excise (N.T.), dated 25/04/2006) 2. Definitions.
Rule 1. Short title, extent and commencement -(1)These rules may be called the CENVAT Credit Rules 2004. (2) They extend to the whole of India: Provided that nothing contained in these rules relating to availment and utilization of credit of service tax shall apply to the State of Jammu and Kashmir.
SALIENT FEATURES. 1. CENVAT Credit Rules, 2004 (CCR 04) have been notified vide Notification No. 23/2004-Central Excise (NT) dt. 10-9-2004. The same is in supersession of CENVAT Credit Rules, 2002 (CCR 02) and Service Tax Credit Rules, 2002 (STCR). CCR 04 applies to the whole of India.
3. CENVAT credit.- (1) A manufacturer or producer of final products or a 22 [provider of output service] [provider of taxable service] shall be allowed to take credit (hereinafter referred to as the CENVAT credit) of - (i) the duty of excise specified in the First Schedule to the Excise Tariff Act, leviable under the Excise Act;
CENVAT Credit Rules, 2004 contains 16 Rules wherein both manufacturers and service providers are allowed to take input credit on goods and services apart from capital goods.
Clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017
Rule 5A. : Refund of CENVAT credit to units in specified areas. Rule 5B. : Refund of CENVAT credit to service providers providing services taxed on reverse charge basis.-. Rule 6. : Obligation of manufacturer of dutiable and exempted goods and provider of taxable and exempted services.
Jul 31, 2014 · Thus, the existing rule 4 (7) states that:-. Credit can be availed on the input service after the receipt of invoice/bill/challan. In case input service is covered by Reverse Charge mechanism (RCM), the credit is allowed after the invoice is paid off and the service tax due is also paid off.
The government set up “The CENVAT Credit Rules” in 2004, which helps in implementing CENVAT in the country and provides the manufacturer of the final product certain tax credits on the excise duty payable by him/her.
