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TMI BlogChanges in CENVAT Rules…regX X X X Extracts X X X X X X X X Extracts X X X X ..... tification is being sent separately. However, this can be downloaded from the web site of the Ministry of Finance. The changes made are highlighted below. a. CENVAT credit in respect of SED paid on goods falling under sub heading Nos. 2404. 40 and 2404.50 has been allowed. Further, such credit can be taken by an assessee in respect of these inputs received in his factory on or after the 1 st of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and accessories, grinding wheels, refractory materials. These representations have been considered and rule 57AC has been amended to allow credit in respect of the balance 50 per cent of the duty in respect of these capital goods (namely, components, spares and accessories, refractories and refractory materials and goods falling under heading 68.02 and sub-heading 6801.10) in a subsequent finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.10 have been removed by the assessee from his factory without being used, then the provisions of clause (b) of sub-rule (1) of rule 57 AB would apply , and the assessee would be required to pay duty on them accordingly. In such cases no credit would be admissible in respect of the balance 50 per cent in the subsequent financial years. This is subject to the condition that such goods are not sold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 17 th September, 2000. The assessee will be required to pay duty due on these components when he clears them on 17 th September. He will also not be allowed to take credit of the balance Rs. 5000 because these goods have been removed from his factory. 2. Attention is also invited to notification 36/2000-CE (NT) dated 28 th April, 2000. The form. The form of the monthly return required to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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