Amendments in the CENVAT Credit Rules, 2002
NOTIFICATION NO. 40/2003-CE(N.T.)
DATED 30/04/2003
G.S.R. (E).- 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, namely:-
1. (1) These rules may be called the CENVAT Credit (Tenth Amendment) Rules, 2003.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the CENVAT Credit Rules, 2002, in rule 9A, after sub-rule (4), the following sub-rule shall be inserted, namely,-
"(5) Notwithstanding anything contained in sub-rule (1), sub-rule (2) or sub-rule (3),-
(a) in case the manufacturer, producer, first stage dealer or second stage dealer referred to in sub-rule (1), as the case may be, who has not made declaration of the goods referred to in the said sub-rule (1) or sub-rule (2) lying in stock as on the 31st day of March, 2003, on or before the 30th day of April, 2003, he shall make a declaration of goods referred to in sub-rule (1) or sub-rule (2), lying in stock as on the 1st day of April, 2003, and upon making such declaration he shall be entitled to avail the credit in the similar manner as referred in sub rule (1), sub-rule (2) or sub- rule (3) read with any notification issued thereunder;
(b) in case the manufacturer, producer, first stage dealer or second stage dealer , as the case may be, referred to in sub-rule (1), who has made declaration of the goods referred to in sub-rule (1) or sub-rule (2) lying in stock as on the 31st day of March, 2003 and has availed credit in terms of the provision contained in this rule, on or before the 30th day of April, 2003, he shall make a declaration afresh, of the stock of the said goods lying as on 1st day of April, 2003 and upon making such declaration he shall be entitled to avail the credit in the similar manner as referred in sub rule (1), sub-rule (2) or sub-rule (3) read with any notification issued thereunder. The manufacturer, producer, first stage dealer or second stage dealer, as the case may be, referred to in sub-rule (1) shall not be eligible for the credit availed, if any, on the basis of any declaration of the goods referred to in sub-rule (1) or sub-rule (2) lying in stock as on the 31st day of March, 2003 made prior to the 30th day of April, 2003:
Provided that nothing contained in this clause shall apply if there is no difference in the description, quantity and value in declaration of the said goods lying in stock as on the 31st day of March, 2003 and on the 1st day of April, 2003, and the said manufacturer, producer, first stage dealer or second stage dealer, as the case may be, gives an intimation that the declaration made earlier may be taken as his declaration of the said goods lying in stock as on the 1st day of April, 2003.".
[F. No. B3/5/2003-TRU]
Footnote.- The principal rules were published in the Gazette of India vide notification No. 5/2002-Central Excise (N.T.), dated the 1st March, 2002, vide number GSR 144 (E), dated the 1st March, 2002, and were last amended vide notification No. 39/2003-Central Excise (N.T.), dated the 25th April, 2003, vide number GSR 355 (E), dated the 25th April, 2003.
(Please refer Ntf. No. 42/2003-CE(N.T.), DT. 01/05/2003 for further amendments in CENVAT Credit Rules, 2002)
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