#budget2015 time limit increased for taking CENVAT credit and filing return. Reversal of CENVAT credit for non-excise able goods and new guidelines for utilising CENVAT credits

2. CENVAT Credit Rules, 2004 are also being amended to –
   
   1. (i)  Increase the time limit for taking CENVAT credit on inputs and input services from
      the present six months to one year (Rule 4 of CCR refers),
      
   2. (ii)  Increase the time limit fir return of Capital Goods from a job worker from the present
      six months to two years (Rule 4 of CCR refers),
      
   3. (iii)  Make provision relating to reversal for CENVAT Credit in rule 6, presently
      applicable to exempt goods and services, applicable to non-excisable goods also,
      
   4. (iv)  Provide for recovery of CENVAT Credit taken but NOT utilized (rule 14 refers). Further, the manner of determining utilization of Credit is also being provided in the
      rule itself.
      

[Notification No.8/2015-Central Excise (N.T.) and No.6/2015-Central Excise (N.T.) both dated 1st March, 2015 refer]