Modvat on naphtha, furnace oil, low sulphur heavy stock, light diesel oil, bitumen and paraffin wax - Amendment to Notification No. 5/94-C.E.(N.T.) - 14/97 - Central Excise - Non Tariff

Modvat on naphtha, furnace oil, low sulphur heavy stock, light diesel oil, bitumen and paraffin wax - Amendment to Notification No. 5/94-C.E.(N.T.)

Notification No. 14/97-C.E. (N.T.)

Dated 3-5-1997

In exercise of the powers conferred by rule 57A of the Central Excise Rules, 1944, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 5/94-Central Excises (N.T.), dated the 1st March, 1994, namely :-

In the said notification, after the portion "(b) are used in the manufacture of final products which are cleared from the factory on or after the 1st day of March, 1944", the following proviso shall be inserted, namely :-

"Provided further that, the credit of specified duty paid in respect of inputs, namely, naphtha, furnace oil, low sulphur heavy stock, light diesel oil, bitumen and paraffin wax falling under Chapter 27 of the Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) and used in the manufacture of final products in any place in India shall be restricted, -

(i) in the case of input produced or manufactured in India, to the extent of the amount of excise duty calculated at the rate of 10% ad valorem, and

(ii) in the case of input imported into India, to the extent of the amount of additional duty calculated by assuming as if the like input produced or manufactured in India is chargeable to excise duty at the rate of 10% ad valorem."