Friday, April 15, 2011

CHANGES IN CENVAT CREDIT RULES

CENVAT Credit of services to setting up of a business premise will not be allowed w.e.f. 01/
04/2011 to the manufacturer of final products or output service provider. Scope of input services has also been restricted by deleting the phrase "activities relating to business such as". Therefore w.e.f. 01/04/2011 CENVAT Credit of only services covered under specified activities is eligible under inclusive part. The definition of "Input" has been totally revised. The new definition would be as under (with effect from 01-04-2011):

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