Finmin allows unavailed CENVAT credit towards assigned rights to use natural resources

Finance Ministry amends Rule 4(7) of CENVAT Credit Rules, 2004 to allow unavailed CENVAT Credit in respect of services provided by the Govt., local authority or any other person by way of assignment of the right to use of any natural resource on the day immediately preceding the appointed day; As per Explanation IV appended thereto, “unavailed CENVAT Credit” shall mean the amount that remains after subtracting the amount of CENVAT Credit already availed in respect of any ...