Article Assistant and Post Gradute
644 Points
Joined April 2014
Change w.e.f. 1st March, 2015
W.e.f. 1st March 2015, time limit for availment of Cenvat Credit has been extended to one year from the date of invoice. This implies that Cenvat credit on inputs and input services which could be earlier (as provided for w.e.f. 01.09.2014) availed within the period of six months from the date of invoice can now (w.e.f. 1.3.2015) be availed within a period of one year from the date of invoice .
The amendment has been made vide Notification No. 6/2015-CE(NT) dated 1.3.2015 w.e.f. 1.3.2015 wherein the words ‘six months’ have been substituted by words ‘one year’ in third proviso of Rule 4(1) of Cenvat Credit Rules, 2004.
Impact of Change
The amendment w.e.f. 1.3.2015 of allowing time limit of one year instead of six months shall make the amendment made w.e.f. 1.9.2014 redundant because it would cover period of March to September 2014 also. Further, those who could not claim Cenvat credit of invoices issued prior to September, 2014 can now do so as the time limit has been raised from one month to one year. Thus, on all eligible invoices of last one year cenvat credit be availed.