TMI BlogNotes on clauses - ExciseX X X X Extracts X X X X X X X X Extracts X X X X ..... the Central Excise Act with a view to provide that the period specified under that section may be extended by the Settlement Commission for a further period not exceeding three months, for reasons to be recorded in writing. Clause 66 of the Bill seeks to amend section 32-O of the Central Excise Act with a view to make certain amendments in sub-section (1) and to omit sub-section (2) to provide that the assessee shall be entitled to apply for settlement in any matter before the Settlement Commission except in the circumstances specified therein. Clause 67 of the Bill seeks to insert a new clause (xiiia) in subsection (2) of section 37 of the Central Excise Act so as to empower the Central Government to make rules to provide for withdraw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... table to inputs used in or in relation to manufacture of exempted goods before or after clearance of such goods along with interest at the rate of twenty-four per cent. per annum. The proposed amendment will apply to cases in respect of which a dispute relating to adjustment of credit on inputs in or in relation to exempted final products relating to the period beginning on the 1st day of April, 2000 to 30th day of June, 2001(both days inclusive) is pending on the date on which the Finance Bill, 2010 receives the assent of the President. Clause 70 of the Bill seeks to amend rule 6 of the CENVAT Credit Rules, 2001 in the manner specified in column (3) of the Sixth Schedule with retrospective effect, on or from and up to date specified in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the Finance Bill, 2010 receives the assent of the President. Clause 72 of the Bill seeks to amend rule 6 of the CENVAT Credit Rules, 2004 in the manner specified in column (3) of the Eighth Schedule with retrospective effect, on or from and up to date specified in column (4) thereof, so as to provide for payment by manufacturer of an amount equal to CENVAT credit attributable to inputs or inputs services used in or in relation to manufacture of exempted goods or goods chargeable to nil rate of duty before or after clearance of such goods along with interest at the rate of twenty-four per cent. per annum. The proposed amendment will apply to cases in respect of which a dispute relating to adjustment of credit on inputs in or in relatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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