Amendment in rule 3 of CENVAT Credit Rules,2004

The Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, which says if the capital goods, on which CENVAT credit has been taken, are removed after being used, the manufacturer or provider of output services shall pay an amount equal to the CENVAT Credit taken on the said capital goods reduced by the percentage points calculated by straight line method  for each quarter of a year or part thereof from the date of taking the CENVAT Credit.

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