TMI BlogAmends Cenvat Credit Rules, 2004X X X X Extracts X X X X X X X X Extracts X X X X ..... em (vii), for the words storage tank, , the words storage tank; and shall be substituted; (C) after item (vii),as so amended, the following item shall be inserted, namely: (viii) motor vehicles other than those falling under tariff headings 8702, 8703, 8704, 8711 and their chassis, ; (ii) in sub-clause (B), after the words ― motor vehicle , the words and figures ― falling under tariff headings 8702, 8703, 8704, 8711 and their chassis, shall be inserted; (iii) for sub-clause (D), the following sub-clause shall be substituted, namely: (D) components, spares and accessories of motor vehicles which are capital goods for the assessee; ; (b) in clause (l), for sub-clause (B), the following sub-clauses shall be substituted, namely: (B) specified in sub-clauses (o) and (zzzzj) of clause (105) of section 65 of the Finance Act , in so far as they relate to a motor vehicle which is not a capital goods; or (BA) specified in sub-clauses (d) and (zo) of clause (105) of section 65 of the Finance Act , except when used by - (a) a manufactu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. For rule 5 of the said rules, the following rule shall be substituted, namely:- 5. Refund of CENVAT Credit. - (1) A manufacturer who clears a final product or an intermediate product for export without payment of duty under bond or letter of undertaking, or a service provider who provides an output service which is exported without payment of service tax, shall be allowed refund of CENVAT credit as determined by the following formula subject to procedure, safeguards, conditions and limitations, as may be specified by the Board by notification in the Official Gazette: Refund amount = (Export turnover of goods+ Export turnover of services ) x Net CENVAT credit Total turnover Where,- (A) Refund amount means the maximum refund that is admissible; (B) Net CENVAT credit means total CENVAT credit availed on inputs and input services by the manufacturer or the output service provider reduced by the amount reversed in terms of sub-rule (5C) of rule 3, during the relevant period; (C) Export turn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be determined in the same manner as the value for the purposes of sub-rule (3) and (3A) of rule 6 is determined. . 6. In rule 6 of the said rules,- (a) in sub-rule (3),- (i) in clause (i), for the words five per cent. , the words six per cent. shall be substituted; (ii) in the second proviso, for the words five per cent. , the words six per cent. shall be substituted; (b) sub-rule (3C) shall be omitted; (c) after sub-rule (3D), - (i) in Explanation I , in clause (b), for the brackets figures and letter (7), (7B) , the brackets, figures and letters (7),(7A),(7B) shall be substituted; (ii) in Explanations II and III, for the brackets, figures ,letters and word , (3B) and (3C) wherever they occur, the word, brackets, figure and letter and (3B) shall be substituted 7. For rule 7 of the said rules, the following rule shall be substituted, namely: 7. Manner of distribution of credit by input service distributor. - The input service distributor may distribute the CENVAT credit in respect of the service tax paid on the input service to its manufacturing units or units prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit transferred and the particulars of such entry as mentioned in clause (i), and such recipient premises may take CENVAT credit on the basis of the transfer challan: Provided that nothing contained in this sub-rule shall apply if the transferring and recipient registered premises are availing the benefit of the following notifications of the Government of India in the Ministry of Finance (Department of Revenue), namely:- (i) No. 32/99-Central Excise , dated the 8th July, 1999 [G.S.R. 508(E), dated the 8th July, 1999]; (ii) No. 33/99-Central Excise , dated the 8th July, 1999 [G.S.R. 509(E), dated the 8th July, 1999]; (iii) No. 39/2001-Central Excise , dated the 31st July, 2001 [G.S.R. 565 (E), dated the 31st July, 2001]; (iv) No. 56/2002-Central Excise , dated the 14th November, 2002 [G.S.R. 764(E), dated the 14th November, 2002]; (v) No. 57/2002-Central Excise , dated the 14th November, 2002 [G.S.R.. 765(E), dated the 14th November, 2002]; (vi) No. 56/2003-Central Excise , dated the 25th June, 2003 [G.S.R. 513 (E), dated the 25th June, 2003]; (vii) No. 71/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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