This notification fixes the rate of deemed Cenvat credit in respect of all goods falling under Chapter 59 of the said First Schedule - 055/2001 - Central Excise - Non Tariff

This notification fixes the rate of deemed Cenvat credit in respect of all goods falling under Chapter 59 of the said First Schedule This Notification has been rescinded vide Notification No. 10/2002 CE(NT) dated 1/3/2002 29th June, 2001 Notification No. 55/2001-Central Excise (N.T.) In exercise of the powers conferred by rule 11 of the CENVAT Credit Rules, 2001, the Central government hereby declares the following inputs and the final products falling within the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) (hereinafter referred to as the "said First Schedule"), as specified in the Table below, namely:- Table Inputs Final products Processed textile fabrics falling under Chapter 52, 54 or 55, or processed textile fabrics of cotton or man-made fibres falling under heading No. or sub-heading No. 58.01, 58.02, 5806.10, 5806.40, 6001.12, 6001.22, 6001.92, 6002.20, 6002.30, 6002.43 or 6002.93, of the said First Schedule and on which duty of excise has been paid in accordance with the provisions of rule 15 of the Central Excise (No. 2) Rules, 2001 read with any notification issued thereunder. All goods falling under Chapter 59 of the said First Schedule. 2. The Central Government further declares that the duties of excise under the Central Excise Act, 1944 (1 of 1944) and the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957), shall be deemed to have been paid (hereinafter referred to as deemed duty) on the inputs declared herein and the same shall be one rupee each per square meter of such inputs, and credit of the deemed duty so determined shall be allowed to the manufacturer of the final products. 3. (1) The credit of deemed duty allowed in respect of the duty of excise under the said Central Excise Act, shall be utilised only towards payment of the duty of excise leviable under the said Central Excise Act on the final products, and no part of the credit allowed shall be refunded in cash or by cheque. (2) The credit of deemed duty allowed in respect of the duty of excise under the said Additional Duties of Excise (Goods of Special Importance) Act, shall be utilised only towards payment of the duty of excise leviable under the said Additional Duties of Excise (Goods of Special Importance) Act on the final products, and no part of the credit allowed shall be refunded in cash or by cheque. 4. The provisions of this notification shall apply only to those inputs which have been received directly by the manufacturer of the final products from the factory of the manufacturer of the said inputs under the cover of an invoice declaring that the appropriate duty of excise has been paid on such inputs under the provisions of rule 15 of the Central Excise (No. 2) Rules, 2001 read with the notification issued thereunder. 5. This notification shall come into effect on and from the 1st day of July, 2001. G.D.Lohani Under Secretary to the Government of India F.No. 357/9/2001-TRU