Jun142017

Carry Forward of unavailed Cenvat Credit in respect of assignment of right to use any natural resource under GST; Cenvat Credit Rules amended so as to provide that Cenvat credit in respect of such services which remains unavailed on the day immediately preceding the ‘appointed day’ may be availed of in full on that very day.

India
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Cenvat Credit Rules, 2004 provide that credit of Service Tax paid in a Financial Year, on the onetime charges payable in full upfront or in installments, 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.