Central Excise Notification No. 7 dated 13^th February 2003 (NT)

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