9911796707
TMI BlogCompounded levy --- Re-rolling mills and induction furnaces – withdrawal of scheme – CENVAT on ad-valorem basisX X X X Extracts X X X X X X X X Extracts X X X X ..... ty of production under section 3A of the Central Excise Act,1944, in respect of hot steel re-rolling mills and induction furnace units is being discontinued w.e.f. 1st April, 2000. Accordingly, notification No.24/97 (NT), dated 25 July, 30/97(NT), 31/97(NT), 32/97(NT), 47/97, 48/97, 50/97, 58/97,all dated 1st August, 1997, are being rescinded w.e.f. 1st April, 2000. 2. From 1st April,2000, onward ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and such stocks shall not be required to suffer any further ad-valorem duty when they are cleared from the re- rolling mills or induction furnace units on or after the 1st day of April, 2000. The re-rolling mills and induction furnace units may also be advised to indicate on the invoices, when such stock is cleared, that the duty thereon was paid under section 3A of the Central Excise Act, 1944. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the CENVAT rules. 5. A question has been raised as to whether the re-rolling mills and induction furnace units would be eligible to take credit of the duty paid on capital goods received in the factories during the period 1.9.1997 till 31.3.2000. In this context it is clarified that no such credit is admissible in respect of such capital goods. 6. The re-rolling mills and induction furnac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and waste and scrap lying in their stock on 1st April, 2000 8. As mentioned earlier, the stocks of finished goods as on 1st April, 2000 have been allowed to be cleared without payment of duty. It has been decided to allow deemed credit to the users of such stock. For this purpose notification no. 29/2000/ Central Excise, dated 31 March, 2000 has been issued, and may kindly be referred to. 9. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
