Miscellaneous proposals pertaining to textile sector - Regarding - Central Excise - F. No. B.3/4/TRU-2003 (Pt-I)

F. No. B.3/4/TRU-2003 (Pt-I) Dated 10-4-2003 Government of India Ministry of Finance (Department of Revenue) Central Board of Excise Customs, New Delhi Subject : Miscellaneous proposals pertaining to textile sector - Regarding Notification Nos. 33, 34 and 35/2003-C.E. (N.T.), all dated 10th April, 2003 pertaining to central excise procedures and credit rates for the textile sector have been issued today. The following further changes have been in the Central Excise Rules, 2003 and the Cenvat Credit Rules, 2003, - The registered dealers of textiles and textile articles falling under Chapters 50 to 63, at his option, can take credit on his purchases and utilise the same to pay duty at the sale price of the said goods after packing etc. treating the clearance of such goods from his premises, as if they were manufactured by him. An independent weaver has been permitted to authorize another person to, maintain accounts, pay duty, and prepare invoice on his behalf as his agent. The last date for filing the stock declaration has been extended to 15th April, 2003. The traders have been allowed to take actual credit on the stock of processed fabrics lying in stock as on 31-3-2003. The rates of one time credit on the inputs lying in stock, in process or contained in stock as on 31-3-2003 has been notified under Rule 9A of the CENVAT Credit.