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Notification No. 51 dated 28th June 2001 (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 further
rules to amend the Central Excise (No. 2) Rules, 2001, (hereinafter referred to
as the said rules), namely:
1.
(1) These
rules may be called the Central Excise (No. 2)(First Amendment) Rules, 2001
(2) They
shall come into force on the 1st day of July, 2001.
2.
In rule 15 of the said rules, for sub-rule (1), the following shall be
substituted, namely:
(1)
The Central Government may, by notification, specify the goods in respect
of which an assessee shall have the option to pay the duty of excise on the
basis of such factors as may be relevant to production of such goods and at such
rate as may be notified for this purpose, subject to such limitations and
conditions, including those relating to interest or penalty, as may be specified
in such notification.�
3.
In rule 16 of the said rules, for sub-rule (2) the following shall be
substituted, namely:
(2)
If the process to which the goods are subjected before returning does not
amount to manufacture, the manufacturer shall pay an amount equal to the CENVAT
credit taken under sub-rule (1) and in any other case the manufacturer shall pay
duty on goods returned under sub-rule (1) at the rate applicable on the date of
removal and on the value determined under sub-section (2) of section 3 or
section 4 or section 4A of the Act, as the case may be.�
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