20 January 2016
n terms of amended Rule 3(7) of Cenvat Credit Rules, 2004 read with Notification No. 12/2015-CE (NT), dated 30.04.2015, only the amounts towards Education Cess & Secondary Higher Education Cess received after 01.03.2015 can be utilized for payment of excise duty. Prior to this date, such credit was not allowed to be utilized for payment of BED since the unamended Rule 3(7) permitted utilization of cess for relevant cess only and not for BED or any other duty. Accordingly, it is felt that the credit of these cesses as on 01.03.2015 would lapse.
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