TMI BlogAmendment of the CENVAT Credit Rules, 2002X X X X Extracts X X X X X X X X Extracts X X X X ..... ority, any action taken or anything done or purported to have been taken or done under the said Explanation shall be deemed to be, and to have always been, for all purposes, as validly and effectively, taken or done as if the said Explanation as amended by this sub-section had been in force at all material times. (2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to make rules with retrospective effect as if the Central Government had the power to make rules under section 37 of the Central Excise Act, 1944 (1 of 1944), retrospectively, at all material times. (3) The CENVAT credit shall be allowed of such additional duty of excise leviable under section 3 of the Additional D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tral Excise Officer shall, on or before the 25th day of May, 2005, serve notice on the person from whom the recovery is to be made (hereinafter referred to as the assessee), requiring the assessee to declare the amount of credit utilised by him on different dates for payment of duty of excise (hereinafter referred to as the CENVAT duty) leviable under the First Schedule or the Second Schedule to the Central Excise Tariff Act, 1985(5 of 1986); (ii) the assessee shall furnish the declaration as required under clause (i) on or before the 31st day of May, 2005; (iii) the Central Excise Officer shall, after considering the declaration made by the assessee under clause (ii), determine the amount of credit utilised on different dates for pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est and discharging the assessee from any recovery of the amount of credit; (x) for the purposes of this sub-section, it is hereby clarified that the amount of credit has been fully utilised first towards payment of the CENVAT duty before utilising the CENVAT credit of additional duty leviable under section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957(58 of 1957) paid on or after the 1st day of April, 2000 for payment of the CENVAT duty. (6) Where the assessee fails to furnish the declaration as required under clause (i), or has furnished the declaration but failed to pay the amount by the day as specified in clause (vii), of sub-section (5), the provisions of sub-section (4) shall apply subject to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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