9911796707
TMI BlogAmendments in the CENVAT Credit Rules, 2002X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing clause shall be substituted, namely,- '(h) "manufacturer" or "producer" in respect of yarns or fabrics falling under Chapter 50, 51, 52, 53, 54, 55, 58 or 60 or readymade garments falling under Chapter 61 or 62 of First Schedule to the Tariff Act, includes a person who is liable to pay duty of excise leviable on such goods under sub-rule (1) of rule 12B of the Central Excise Rules, 2002;'; (ii) in rule 4, in sub-rule (1), for the proviso, the following shall be substituted, namely,- "Provided that in respect of the final products, namely, yarns or fabrics falling under Chapter 50, 51, 52, 53, 54, 55, 58 or 60 or readymade garments falling under Chapter 61 or 62 of First Schedule to the Tariff Act, the CENVAT credit of duty pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made, shall not be denied the credit merely on the grounds that the description of the goods mentioned in such an endorsed document has undergone a change on account of such an activity been undertaken by such person on the said goods.'; (v) after rule 9, the following rule shall be inserted, namely,- "Rule 9A. Transitional provisions for Textile and Textile Articles.- (1) A manufacturer, producer, first stage dealer or second stage dealer of yarn and unprocessed fabrics falling under Chapter 50, 51, 52, 53, 54, 55, 58, 59 or 60 of the First Schedule to the Tariff Act or a manufacturer of processed fabrics falling under Chapter 50, 51, 52, 53, 54, 55, 58, 59 or 60 of the First Schedule to the Tariff Act shall be entitled to avail credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee under sub-rule (2). (b) The credit of duty on inputs contained in the fabrics lying in stock as on the 31st day of March, 2003 shall be calculated in the following manner, namely:- (i) where the inputs and the finished products are covered under notification No. 52/2001-Central Excise (NT) dated the 29th June, 2001, subject to such conditions as prescribed under the said notification, the credit shall be equal to the such rate of credit as may be notified by the Central Government in this behalf, multiplied by the quantity of such finished product as declared by the assessee; or (ii) where the inputs and the finished products are covered under notification Nos. 54/2001- Central Excise (NT) dated the 29th June, 2001, or 6/2002- Cent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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