TMI BlogAmendments in the Notification No. 56/2003-CE, DT. 25/06/2003X X X X Extracts X X X X X X X X Extracts X X X X ..... rest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.56/2003-Central Excise, dated the 25th June, 2003, published in the Gazette of India, vide G.S.R.513 (E), dated the 25th June, 2003, namely:- In the said notification,- (i) after opening paragraph, the following paragraph shall be inserted, namely:- "1A. In cases where all the goods produced by a manufacturer are eligible for exemption under this notification, the exemption contained in this notification shall be available subject to the condition that, the manufacturer first utilizes whole of the CENVAT credit available to him on the last day of the month under consideration, for pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of duty paid less the amount of the CENVAT Credit availed of, in respect of the duty paid on the inputs used in or in relation to the manufacture of goods cleared under this notification; (b) the credit of duty paid during the month under consideration, other than by way of utilisation of CENVAT credit under the CENVAT Credit Rules, 2002, may be taken by the manufacturer in his account current, by the 7th day of the month following the month under consideration; (c) a manufacturer who intends to avail of the option under clause (a), shall exercise his option in writing for availing of such option before effecting the first clearance in any financial year and such option shall be effective from the date of exercise of the option and s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll forfeit the option, to take credit of the amount of duty during the month under consideration, other than by way of utilisation of CENVAT credit under the CENVAT Credit Rules, 2002, in his account current on his own, as provided for in clauses (a) and (c); (g) the amount of the credit availed irregularly or availed of in excess of the amount determined correctly refundable under clause (e) and not reversed by the manufacturer within the period specified in that clause, shall be recoverable as if it is a recovery of duty of excise erroneously refunded. In case such irregular or excess credit is utilised for payment of excise duty on clearances of excisable goods, the said goods shall be considered to have been cleared without payment of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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