Government of India
Ministry of Finance
Department of Revenue
Notification No. 3/2012 - Central Excise (N.T.)
New Delhi, dated,12th March, 2012
G.S.R. (E).- 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, 2004, namely:-
1. (1) These rules may be called the CENVAT Credit (Second Amendment) Rules,
2012.
(2) They shall come into force on the date of their publication in the
Official Gazette.
2. In the CENVAT Credit Rules, 2004, for rule 12AA the following rule shall
be substituted, namely:-
"12AAA: Power to impose restrictions in certain types of cases.-
Notwithstanding anything contained in these rules, where the Central Government,
having regard to the extent of misuse of CENVAT credit, nature and type of such
misuse and such other factors as may be relevant, is of the opinion that in
order to prevent the misuse of the provisions of CENVAT credit as specified in
these rules, it is necessary in the public interest to provide for certain
measures including restrictions on a manufacturer, first stage and second stage
dealer or an exporter, may by a notification in the Official Gazette, specify
the nature of restrictions including restrictions on utilization of CENVAT
credit and suspension of registration in case of a dealer and type of facilities
to be withdrawn and procedure for issue of such order by an officer authorized
by the Board".
(V P Singh)
Under Secretary to the Government of India
F.No.267/77/2011-CX.8
Note.- The principal rules were published vide notification
No. 23/2004-Central
Excise (N.T.), dated the 10th September, 2004, published in the Gazette of
India, Extraordinary, Part II, Section 3, Sub-Section (i) vide G.S.R.600 (E),
dated the 10th September, 2004 and were last amended vide notification
number
01/2012-Central Excise (NT), published in the Gazette of India, Extraordinary,
Part II, Section 3, Sub-Section (1), vide number G.S.R 83(E), dated 9th
February, 2012.