Power to impose restrictions in certain types of cases - Cenvat Credit - Ready Reckoner [OLD] - Cenvat Credit

Chapter 23 Power to impose restrictions in certain types of cases Statutory Provisions: Rule 12AAA of Cenvat Credit Rules, 2004 12AAA. Power to impose restrictions in certain types of cases. Notwithstanding anything contained in these rules, where the Central Government, having regard to the extent of misuse of CENVAT credit, nature and type of such misuse and such other factors as may be relevant, is of the opinion that in order to prevent the misuse of the provisions of CENVAT credit as specified in these rules, it is necessary in the public interest to provide for certain measures including restrictions on a manufacturer, registered importer, first stage and second stage dealer provider of taxable service ] or an exporter, may by notification in the Official Gazette, specify the nature of restrictions including restrictions on utilization of CENVAT credit and suspension of registration in case of an importer or a dealer and type of facilities to be withdrawn and procedure for issue of such order by the Principal Chief Commissioner of Central Excise or Chief Commissioner of Central Excise, as the case may be. Explanation.- For the purposes of this rule, it is hereby clarified that every proposal initiated in terms of the procedure specified under notification no. 05/2012-CE (N.T.) dated the 12th March, 2012 published in the Gazette of India, Part II, Section 3, Sub-section (i) vide number G.S.R. 140(E), dated the 12th March, 2012 , which is pending, shall be treated as initiated in terms of the procedure specified under this rule and shall be decided accordingly.]