Date: 2016-04-01Category: Extra OrdinaryState: Union GovernmentCountry: India
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
Executive Summary:
This notification, No. 23/2016-Central Excise (N.T.), issued on April 1, 2016, amends the CENVAT Credit Rules, 2004. The amendments, effective from the date of publication in the Official Gazette, pertain to the payment percentage for exempted goods/services and the specification of documents under rule 9.
Key Points / Main Content:
Amendments to CENVAT Credit Rules, 2004:
* Effective Date: Amendments are effective from the date of publication in the Official Gazette.
* Rule 6 Amendment:
* Sub-rule 3(i) is substituted.
* Revised Payment for Exempted Goods/Services: Specifies payment of six percent of the value of exempted goods and seven percent of the value of exempted services.
* Maximum Payment Limit: The total payment is capped at the sum of the opening credit balance (input and input services) at the start of the period and the input/input services credit taken during that period.
* Rule 7B Amendment:
* Sub-rule 1 is modified.
* Document Specification: "Documents specified under rule 9" are substituted for "invoices, issued in terms of the provisions of the Central Excise Rules, 2002".
Impact Analysis:
Central Government:
* Impact: Responsible for implementing and enforcing the amended CENVAT Credit Rules, 2004.
* Action Required: Ensure the amendments are accurately published and communicated to relevant stakeholders.
Businesses Utilizing CENVAT Credit:
* Impact: Businesses claiming CENVAT credit need to adhere to the revised payment percentages for exempted goods/services and comply with the updated document specifications under rule 9.
* Action Required: Update accounting and compliance procedures to reflect the changes in Rule 6 and Rule 7B of the CENVAT Credit Rules, 2004.
Central Excise Authorities:
* Impact: Must enforce the amended rules regarding CENVAT credit claims and documentation.
* Action Required: Update enforcement and audit procedures to align with the new regulations.
Key Entities Referenced
Ministry of Finance: The ministry responsible for financial matters in the Government of India.
Department of Revenue: A department within the Ministry of Finance.
Central Excise Act, 1944: A law related to central excise duties in India.
Finance Act, 1994: A law related to finance in India.
CENVAT Credit Rules, 2004: Rules governing the CENVAT credit scheme in India.
CENVAT Credit Fourth Amendment Rules, 2016: Amendment rules to the CENVAT Credit Rules, 2004.
Central Excise Rules, 2002: Rules pertaining to central excise.
New Delhi: The location where the notification was issued.
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MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 1st April, 2016
No. 23 /2016- Central Excise (N.T.)
G.S.R. 390(E).—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.
[F. No. 267/17/2016-CX.8]
SHANKAR PRASAD SARMA, Under Secy.
Note.-The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-
section (i), vide notification No. 23/2004 - Central Excise (N.T.) dated the 10th September, 2004 vide
number G.S.R. 600(E) dated the 10th September, 2004 and last amended vide notification No. 13/2016-
Central Excise (N.T.) dated 1st March, 2016 published in the Gazette of India, Extraordinary, Part II,
Section 3, Sub-section (i), vide number G.S.R. 244 (E) , dated the 1st March, 2016.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.