Amendment in the CENVAT Credit Rules, 2002 - 018/2003 - Central Excise - Non Tariff

  Amendment in the CENVAT Credit Rules, 2002

NOTIFICATION NO. 18/2003-CE(N.T.)

DATED 13/03/2003

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 (hereinafter referred to as the said rules), namely:-

1. (i) These rules may be called the CENVAT Credit (Third Amendment) Rules, 2003.

(ii) They shall come into force on the 1st day of April, 2003.

2. In rule 3 of the said rules, ¹[in sub-rule (3), for the brackets, figures, words and letters beginning with "(3) The CENVAT credit" and ending with the words "removed as such", the following'] shall be substituted, namely:-

(3) The CENVAT credit may be utilized for payment of

(a) any duty of excise on any final product; or

(b) an amount equal to CENVAT credit taken on inputs if such inputs are removed as such or after being partially processed; or

(c) an amount equal to the CENVAT credit taken on capital goods if such capital goods are removed as such; or

(d) an amount under sub rule (2) of rule 16 of Central Excise Rules, 2002.

3. In the said rules, the form annexed thereto shall be numbered as ëForm-1í and after Form-1, as so numbered, the following form shall be inserted, namely:-

[F.No.201/9/2003-CX.6]

Note : The principal rules were published in the Gazette of India vide notification No. 5/2002-CE (NT), dated the 1st March, 2002[G.S.R. 144(E) dated the 1st March, 2002] and were last amended vide notification No.13/2003-CE(NT), dated the 1st March, 2003[G.S.R.153(E) dated the 1st March, 2003].

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Notes :

1. Has been corrected vide Corrigendum, Dated 15/10/2003 [OLD - for sub-rule (3), the following sub rule ]