CENVAT CREDIT (FOURTH AMENDMENT) RULES, 2016 – AMENDMENT IN RULES 6 AND 7B
NOTIFICATION NO.23/2016-C.E. (N.T.), DATED 1-4-2016
In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely—
1. (1) These rules may be called the CENVAT Credit (Fourth Amendment) Rules, 2016.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the CENVAT Credit Rules, 2004,—
|(a)||in rule 6, in sub-rule (3) for clause (i), the following clause shall be substituted , namely :—|
|“(i) pay an amount equal to six per cent of value of the exempted goods and seven per cent of value of the exempted services subject to a maximum of the sum total of opening balance of the credit of input and input services available at the beginning of the period to which the payment relates and the credit of input and input services taken during that period; or” ;|
|(b)||in rule 7B, in sub-rule (1) for the words and figures “invoices, issued in terms of the provisions of the Central Excise Rules, 2002,” the words and figure “documents specified under rule 9,” shall be substituted.|