Global Tax Guru: #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

what we do

We have specialization to provide advisory services on complex statutory Compliance and policy-related matters under areas of Logistics (Import & Export), Taxation (GST & Customs), Foreign Trade & Investment (DGFT), Food Safety (FSSAI), Weights & Measures (Legal Metrology), Wireless & Telecommunication Products (WPC) and Chartered Engineering services. Optimize your Supply chain as 4PL Company through our 3PL partners. Refund of duty/ credit/interest at Customs, GST and DGFT Appellate Service related to Customs, GST and Legal Metrology. Licenses and IEC from DGFT.

Sunday, March 08, 2015

#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

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.