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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2011 Chapters List Chapter IV - Part 2 Indirect Taxes - Excise This

Clause 68 - Amendment of rule 3 of CENVAT Credit Rules, 2004. - FINANCE BILL, 2011

FINANCE BILL, 2011
Chapter IV - Part 2
Indirect Taxes - Excise
  • Contents

68.   (1) In the CENVAT Credit Rules, 2004, made by the Central Government in exercise of the powers conferred by section 37 of the Central Excise Act, 1944, (1of 1944.) as published in the Official Gazette vide notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 600(E), dated the 10th September, 2004, rule 3 shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the Eighth Schedule, on  and from the date specified in column (3) of that Schedule, against the rule specified in column (1) of that Schedule.

(2) Notwithstanding anything contained in any judgment, decree or order of any court, tribunal or  other authority, any action taken or anything done or purported to have been taken or done, on and  from the 18th day of April, 2006, relating to the provisions as amended by sub-section (1), shall be deemed to be and deemed always to have been, for all purposes, as validly and effectively taken or done as if the amendments made by sub-section (1) had been in force at all material times.

(3) 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.

 



 

Notes on Clauses:

Clause 68 of the Bill seeks to amend rule 3 of the CENVAT Credit Rules, 2004 in the manner specified in the Eighth Schedule with retrospective effect from the 18th April, 2006 so as to incorporate the provisions for CENVAT Credit of service tax paid on services received from outside India.

 
 
 
 

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