CENVAT Credit of Service Tax paid in a financial
year, on the onetime charges payable in full
upfront or in instalments, for the service of
assignment of the right to use any natural resource
by the Government, local authority or any other
person, shall be spread evenly over a period of
three years.
Where the manufacturer of goods or provider of
output service, as the case may be, further assigns
such right assigned to him by the Government
or any other person, in any financial year, to
another person against consideration, such
amount of balance CENVAT credit as does not
exceed the service tax payable on the
consideration charged by him for such further
assignment, shall be allowed in the same financial
year.
CENVAT Credit of Service Tax paid in a financial
year, on the onetime charges payable in full
upfront or in instalments, for the service of
assignment of the right to use any natural resource
by the Government, local authority or any other
person, shall be spread evenly over a period of
three years.
Where the manufacturer of goods or provider of
output service, as the case may be, further assigns
such right assigned to him by the Government
or any other person, in any financial year, to
another person against consideration, such
amount of balance CENVAT credit as does not
exceed the service tax payable on the
consideration charged by him for such further
assignment, shall be allowed in the same financial
year.
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