Notification No. 55 dated 29th June 2001 (NT)
This notification has been rescinded by Notification
No. 10 dated 1st March 2002 (NT).
In exercise of the powers conferred by rule 11 of
the CENVAT Credit Rules, 2001, the Central Government hereby declares the
following inputs and the final products filling within the First Schedule to the
Central Excise Tariff Act, 1985 (5 of 1986) (hereinafter referred to as the
"said First Schedule"), as specified in the Table below namely:
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Inputs
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Final products
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Processed textile fabrics falling under Chapter 52,
54 or 55, or processed textile fabrics of cotton or man-made fibres filling
under heading No. or sub-heading No.58.01, 58.02, 5806.01, 5806.40, 6001.12,
6001.22, 6001.92, 6002.20, 6002.30, 6002.43 or 6002.93, of the said First
Schedule and on which duty of excise has been paid in accordance with the
provisions of rule 15 of the Central Excise (No.2) Rules 2001 read with any
notification issued there under.
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All goods falling under Chapter 59 of the said First
Schedule.
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2. The Central Government
further declares that the duties of excise under the Central Excise Act, 1944 (1
of 1944) and the Additional Duties of Excise (Goods of Special importance) Act
1957 (58 of 1957), shall be deemed to have been paid (hereinafter referred to as
deemed duty) on the inputs declared herein and the same shall be one rupee each
per square meter of such inputs, and credit of the deemed duty so determined
shall be allowed to the manufacturer of the final products.
3.
(1) The credit of deemed duty
allowed in respect of the duty of excise under the said Central Excise Act,
shall be utilized only towards payment of the duty of excise leviable under the
said Central Excise Act on the final products, and no part of the credit allowed
shall be refunded in cash or by cheque.
(2) The credit of deemed duty
allowed in respect of the duty of excise under the said Additional Duties of
Excise (Goods of Special Importance) Act, shall be utilized only towards payment
of the duty of excise leviable under the said Additional Duties of Excise (Goods
of Special Importance) Act on the final products, and no part of the credit
allowed shall be refunded in cash or by cheque.
4. The provision of this
notification shall apply only to 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 rule 15 of
the Central Excise (No.2) Rules 2001, read with the notification issued there
under.
5.
This notification shall come into effect on and from the 1st
day of July 2001.
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