Draft rules on credit of input tax

摘要

The Union Government has come up with a 11 point draft rule for extending credit of input tax on all goods and services.The move comes after Finance Minister P Chidambaram announced in the budget that credit of input tax would be extended across goods and services through suitable amendments in Central Excise Act and Finance Act of 1994.According to the draft norms,the proposed Cenvat Credit Rule 2004 will replace the existing Cenvat Credit Rules and Service Tax Credit Rule of 2002.