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10th April, 2003
Notification No. 34 /2003 - Central Excise (N.T.)
In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby
makes the following rules further to amend the CENVAT Credit Rules, 2002, namely:-
1.
(1)
These rules
may be
called the
CENVAT
Credit
(Seventh
Amendment)
Rules, 2003.
(2)
They shall
come into
force on the
date of their
publication
in the Official
Gazette.
2.
In the
CENVAT
Credit
Rules,
2002,-
(i)
in rule 3, after sub-rule (4), the following shall be inserted, namely,-
"(4A) Notwithstanding any thing contained in these rules,-
(a)
a first or second stage dealer, dealing exclusively in goods falling under Chapter 50, 51, 52, 53, 54, 55, 56, 57,
58, 59, 60, 61, 62 or 63 of the First Schedule to the Tariff Act, may, at his option, remove such goods, whether
or not after undertaking activities such as packing, repacking, on payment of an amount equal to the duty of
excise, which is leviable on such goods at the rate applicable on the date of removal and on the value
determined for such goods under sub-section (2) of section 3 or section 4 of the Act, as the case may be. The
provisions of the Central Excise Rules, 2002, in so far they relate to removal of goods on invoice, maintenance
of accounts, filing of return, manner of payment or failure to pay such amount shall apply, as if such amount is a
duty of excise liable to be paid by an assessee:
Provided that such option once exercised by the said dealer, shall not be withdrawn during the remaining part
of the financial year;
(b)
the first or second stage dealer of goods referred to in clause (a), who avails of the option referred to in said
clause, may take credit of duties referred to in sub-rule (1) of Rule 3, paid on such goods for utilizing the same
for payment of such amount, as referred to in clause (a);
(c)
the amount paid under clause (a) shall be eligible as CENVAT credit as if it were a duty paid by a person who
removes such goods under sub-rule (4A)."
(ii) in rule 9A,-
(A)
in sub-rule (1), for the words and figures "A manufacturer, producer, first stage dealer or second stage dealer
of yarn and unprocessed fabrics falling under Chapter 50, 51, 52, 53, 54, 55, 58, 59 or 60 of the First Schedule
to the Tariff Act or a manufacturer of processed fabrics falling under Chapter 50, 51, 52, 53, 54, 55, 58, 59 or
60 of the First Schedule to the Tariff Act", the words and figures "A manufacturer, producer, first stage dealer
or second stage dealer of yarn or fabrics falling under Chapter 50, 51, 52, 53, 54, 55, 58, 59 or 60 of the First
Schedule to the Tariff Act" shall be substituted;
(B)
in sub-rule (4), for the figures and words "7
th
Day of April, 2003", the figures and words "15
th
day of April,
2003" shall be substituted.
F.No. B3/4/2003-TRU (Pt-1)
Alok Shukla
Deputy Secretary to the Government of India
notifications no 34 2003 ce n t | iKargos