Amendment in CENVAT Credit Rules, 2004 - the provision restricting CENVAT credit to 85% under proviso to rule 3(i)(vii) of Cenvat Credit Rule, 2004 deleted. - Consequently ship breaking units would be entitled to avail 100% credit of the CVD paid with effect from 01.03.2015 - 01/2016 - Central Excise - Non Tariff

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 01/2016 - Central Excise (N.T) New Delhi, the 1 st February, 2016 G.S.R.132 (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. Short title and commencement.- (1) These rules may be called the CENVAT Credit (First Amendment) Rules, 2016. (2) They shall come into force with effect from the 1 st day of March, 2015. 2. In the CENVAT Credit Rules, 2004 , in rule 3, in sub-rule (1), in clause (vii) , the proviso shall be omitted; [F. No. 6/14/2014-CX.I (Pt.)] (Santosh Kumar Mishra) Under Secretary to the Government of India Note - The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 600(E) dated the 10th September, 2004 {Notification No. 23/2004 Central Excise (N.T) dated the 10th September, 2004} and was last amended vide number G.S.R. 1028(E), dated the 31st December, 2015 {Notification No. 27/2015 -Central Excise (N.T.), dated the 31st December, 2015}.