CBEC:

Central Board of Excise and Customs has issued CENVAT Credit (Fourth Amendment) Rules, 2016. The amended rules substituted clause (i) of sub-rule (3) of rule 6 of CENVAT credit rules, 2004 whereby the manufacture shall now 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. The amended rules further provide that a provider of output service shall be allowed to take credit on inputs and capital goods received on the basis of documents specified under rule 9 instead of on the basis of invoices, issued in terms of the provisions of the Central Excise Rules, 2002.