NTF. NO. 07/2003-CE(N.T.), DT. 13/02/2003

Cenvat Credit Rules, 2002 - Rule 3 amended

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 (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 3, in sub-rule (3), after the proviso, the following Proviso shall be inserted, namely:-

"Provided further that the CENVAT credit of the duty paid on the inputs used in the manufacture final products cleared after availing of the exemption under the notifications number 39/2001-Central Excise, dated the 31st July, 2001 [G.S.R. 565(E) dated the 31st July, 2001], 56/2002-Central Excise dated the 14th November, 2002[G.S.R. 764 (E) dated 14th November, 2002] and 57/2002-Central Excise dated the 14th November, 2002[G.S.R. 765 (E) dated 14th November, 2002], shall respectively be utilised only for payment of duty on final products, in respect of which exemption under the said notifications number 39/2001-Central Excise dated the 31st July, 2001, 56/2002- Central Excise dated 14th November, 57/2002- Central Excise dated 14th November, 2002, is availed.

(Please refer Ntf. No. 13/2003-CE(NT), DT. 01/03/2003 for further amendments in CENVAT Credit Rules, 2002)

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