Central Govt Notifies
CENVAT Credit (Third Amendment) Rules, 2014 w.e.f April 1, 2014
Amends Rule 7 pertaining to credit distribution by input service distributor; Accordingly, service tax credit attributable to service used by one or more units exclusively engaged in exempted goods manufacture / exempted service rendition, shall be barred from distribution; Further, credit of service used wholly by a unit shall be distributed only to that unit; Pro rata distribution of service tax credit shall be based on turnover of units using said service during relevant period to total turnover of all its units operational in current year, during said relevant period; As per new Explanation 3, "relevant period" means (i) preceding financial year, where assessee's turnover available for that year, or (ii) where such details unavailable for some / all units , last quarter for which turnover details of all units available (previous to month / quarter for which credit distributed) : Finance Ministry Notification
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