Good times are here again
THREE days back, the Central Government issued a back-dated relief notification dt. 01.02.2016 and an all encompassing Board Circular 1014/2/2016-CX.
In the words of the Board "This beneficial amendment of deleting proviso to rule 3(i)(vii) of CENVAT Credit Rules, 2004 has been done retrospectively with effect from 01.03.2015, that is the date from which reversal of Cenvat Credit for non-excisable goods was provided in rule 6 of Cenvat Credit Rules, 2004."
The ship-breaking industry were all smiles.
Now, it's time for many others, almost everyone, to celebrate.