NOTIFICATION No 14/2015-Central Excise (N.T.), Dated: May 19, 2015 Amends Rule 6 of the Cenvat Credit Rules, 2004 – Rate of amount of reversal of Credit increased from 6% to 7% with effect from 1st of June, 2015.
CBEC vide Notification No. 14/2015-Central Excise (N.T.), Dated: May 19, 2015 has amended Rule 6(3) of CENVAT Credit Rules, 2004 dealing with Reversal of CENVAT Credit on exempted goods and services to provide that the manufacturer of goods or the provider of output service, opting not to maintain separate accounts, shall pay an amount equal to 7% of the value of exempted services. Prior to this amendment the rate was 6% of the value of exempted services which has been increased to 7%, with effect from 1st June 2015 on account of upward revision of Service Tax rate to 14%. However, the rate of reversal for exempted goods remains the same at 6%.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF EXCISE & CUSTOMS
NEW DELHI
NOTIFICATION No. 14/2015-Central Excise (N.T.),
Dated: May 19, 2015
G.S.R. (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 (Third Amendment) Rules, 2015.
(2) They shall come into force with effect from 1st of June, 2015.
2. In the CENVAT Credit Rules, 2004, in rule 6, in sub-rule (3), –
(a) in clause (i), after the words “goods and”, the words “seven per cent. of value of the” shall be inserted.
(b) in the second proviso, for the word “six”, the word “seven” shall be substituted.
[F. No. 334/5/2015-TRU]
(Akshay Joshi)
Under Secretary to the Government of India
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. 12/2015 – Central Excise (N.T.) dated 30th April, 2015 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), by number G.S.R. 346(E), dated the 30th April, 2015.
Whether it is applicable to all industries ??