Notification No.29/2000-N.T.Dated 31st March,2000.
CE Rule 57AK
Credit of Duty on Hot re-rolled Products, etc.
In exercise of the powers conferred by rule 57AK of the Central Excise Rules, 1944, the Central Government, hereby declares the following inputs and the final products falling within the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), namely:-
| S. No. | Inputs | Final Products |
| 1. | Hot re-rolled products of non-alloy steel falling under sub-heading Nos.7211.11, 7211.19, 7211.30, 7211.52, 7211.59, 7211.60, 7211.92, 7211.99, 7213.90, 7214.90, 7215.90, 7216.10 and 7216.90 on which duty of excise has been paid under section 3A of the Central Excise Act, 1944 (1 of 1944). | All goods falling within the said First Schedule. |
| 2. | Ingots and billets of non-alloy steel, falling under All goods falling sub-heading Nos.7206.90 and 7207.90, on which the duty within the said of excise is paid under section 3A of the Central Excise First Schedule. Act, 1944 (1 of 1944). | All goods falling within the said First Schedule. |
2. The Central Government further declares that the duty of excise under the Central Excise Act, 1944 (1 of 1944) (hereinafter referred to as said Act,) shall be deemed to have been paid (hereinafter referred to as deemed duty), on the inputs declared hereinand the same shall be equivalent to the amount calculated at the rate of twelve per cent. of the price, as declared by the manufacturer in the invoice accompanying the said inputs (hereinafter referred to as invoice price), and credit of the deemed duty so determined shall be allowed to the manufacturer of the final products.
3. The credit of deemed duty allowed in respect of the said inputs shall be utilized only towards payment of duty of excise leviable under the said Central Excise Act on the said final products.
Provided that the credit of deemed duty in respect of inputs cleared for export under bond shall be allowed to be utilized towards payment of duty of excise on any final products cleared for home consumption or for export on payment of duty and, where for any reason, such adjustment is not possible, by refund to the manufacturer subject to such safeguards, conditions, and limitations as may be specified by the Central Government in the Official Gazette.
Provided further that no such refund of credit of deemed duty shall be allowpd if the manufacturer avails of drawback allowed under the Customs and Central Excise Duties Drawback Rules, 1971, or claims rebate of duty under rule 12, in respect of such duty.
4. The provisions of this notification shall apply to only those inputs which have been received directly by the manufacturer of the final products from the factory of the manufacturer of the said inputs under the cover of an invoice declaring that the appropriate duty of excise has been paid on such inputs under the provisions of section 3A of the said Act.
5. The provisions of this notification shall not apply to inputs where the manufacturer of the said inputs has not declared the invoice price of the said inputs correctly in the documents issued at the time of their clearance from his factory.
6. This notification shall come into effect on and from the lst day of April, 2000 and shall remain effective upto and inclusive of the 30th day of April, 2000.
Explanation.- For the purpose of this notification, "invoice price" means the price charged by the manufacturer of inputs and indicated in the invoice accompanying the said inputs, the payment for which is made directly by the manufacturer of the final products to the manufacturer of the said inputs by cheque drawn on his own bank account or by bank draft or by bankers'cheque.
Sd/-
(Sanjeev Sachdeva)
Deputy Secretary to the Government of India
F.No. B-4/5/2000-TRUPresented by eximkey.com