sch-04 - THE FOURTH SCHEDULE - [See section 68(1)] - Finance Act, 2010

THE FOURTH SCHEDULE - [See section 68(1)] THE FOURTH SCHEDULE [See section 68(1)] Sl. No Provisions of Central Excise Rules, 1944 to be amended Amendment Period of effect of amendment (1) (2) (3) (4) 1. Insertion of new rule 57CCC. In the Central Excise Rules, 1944, after rule 57CC, the following rule shall be inserted, namely:— "57CCC. Reversal of Actual Credit.—Where a dispute relating to adjustment of credit on inputs used in or in relation to exempted final products relating to the period beginning on the 1st day of September, 1996 and ending with the 28th day of February, 1997 (both days inclusive) is pending on the date on which the Finance Bill, 2010 receives the assent of the President, then, notwithstanding anything contained in sub-rules (1) and (2) of rule 57C and subrules (1) and (2) of rule 57CC, a manufacturer availing credit of specified duty in respect of any inputs, other than inputs used as fuel, and manufacturing final products which are chargeable to duty and also other final products which are not so chargeable to duty or chargeable to nil rate of duty, shall pay an amount equivalent to such credit attributable to inputs used in, or in relation to the manufacture of, such final products which are not chargeable to duty or chargeable to nil rate of duty, before or after the clearance of such goods: Provided that the manufacturer shall pay an interest at the rate of twenty-four per cent. per annum from the date of clearance of goods till the date of payment of the said amount.". 1st day of September, 1996 to 28th day of February, 1997 (both days inclusive). 2. Rule 57CCC of the Central Excise Rules, 1944 as inserted by section 68 of the Finance Act, 2010. In the Central Excise Rules, 1944, for rule 57CCC, the following rule shall be substituted, namely:— "57CCC. Reversal of Actual Credit.—Where a dispute relating to adjustment of credit on inputs used in or in relation to exempted final products relating to the period beginning on the 1st day of March, 1997 and ending with the 31st day of March, 2000 (both days inclusive) is pending on the date on which the Finance Bill, 2010 receives the assent of the President, then, notwithstanding anything contained in sub-rules (1) and (2) of rule 57C and sub-rule (1) and sub-rule (9) of rule 57CC, a manufacturer availing credit of specified duty in respect of any inputs, other than inputs used as fuel, and manufacturing final products which are chargeable to duty and also other final products which are not so chargeable to duty, shall pay an amount equivalent to such credit attributable to inputs used in, or in relation to the manufacture of, such final products which are not chargeable to duty, before or after the clearance of such goods: Provided that the manufacturer shall pay an interest at the rate of twenty-four per cent. per annum from the date of clearance of goods till the date of payment of the said amount.". 1st day of March, 1997 to 31st day of March, 2000 (both days inclusive).