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TMI BlogAmends Cenvat Credit Rules, 2004, Reversal of depreciation on removal of Capital Goods, Cenvat Credit on Capital Goods in case of SSI units, Provisions for confiscation and penaltyX X X X Extracts X X X X X X X X Extracts X X X X ..... y section 37 of the Central Excise Act, 1944 (1 of 1944), and section 94 of the Finance Act,1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:- 1. (a) These rules may be called the CENVAT Credit (Amendment) Rules, 2010. (b) Except, clause (i) of rule 3, the provisions of these rules shall come into force on the date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arter in the first year @ 10% for each quarter in the second year @ 8% for each quarter in the third year @ 5% for each quarter in the fourth and fifth year @1% (b) for capital goods, other than computers and computer peripherals @ 2.5% for each quarter.". 3. In the said rules, in rule 4,- (i) in sub rule (2), in clause (a), after the second proviso, the following proviso shall be inserted, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jigs, fixtures, moulds and dies sent by a manufacturer of final products to,- (i) another manufacturer for the production of goods; or (ii) a job worker for the production of goods on his behalf, according to his specifications.". 4. In the said rules, in rule 6, in sub-rule (6), for clause (vii), the following clause shall be substituted, namely:- " (vii) all goods which are exempt from the du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gly or in contravention of any of the provisions of these rules, then, all such goods shall be liable to confiscation and such person, shall be liable to a penalty not exceeding the duty or service tax on such goods or services, as the case may be, or two thousand rupees, whichever is greater. (2) In a case, where the CENVAT credit in respect of input or capital goods or input services has been t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y in 78 of the Finance Act. (4) Any order under sub-rule (1), sub-rule (2) or sub-rule (3) shall be issued by the Central Excise Officer following the principles of natural justice.". [F.No. 334/1 /2010-TRU] (PRASHANT KUMAR ) UNDER SECRETARY TO THE GOVT OF INDIA Note: - The principal rules were notified vide notification No. 23/2004 Central Excise (N.T.),dated the 10th September 2004, vide num ..... X X X X Extracts X X X X X X X X Extracts X X X X
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