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Aug 27, 2014
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Cenvat credit rules tightened to curb tax evasion
The Central Board of Excise and
Customs (CBEC) on Tuesday tightened the rules to enable field officers to impose restrictions on businesses in the services sector to utilise the Cenvat credit facility
if they are found to have misused it.The Cenvat Credit (Seventh Amendment) Rules, 2014 issued by the Board has extended the scope of provisions meant to prevent duty credit misuse to cover “providers of taxable service” as well.
Source -
http://www.financialexpress.com
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