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 ..... lause (i) of rule 3 , the provisions of these rules shall come into force on the date of their publication in the official Gazette and clause (i) of rule 3 shall come into force on and from the 1st day of April, 2010. 2. In the CENVAT Credit Rules, 2004 (hereinafter referred to as the said rules ), in rule 3, in sub-rule (5) , for the second proviso, the following proviso shall be substituted, namely:- "Provided further that if the capital goods, on which CENVAT Credit has been taken, are removed after being used, the manufacturer or provider of output services shall pay an amount equal to the CENVAT Credit taken on the said capital goods reduced by the percentage points calculated by straight line method as specified below for ea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 duties of customs leviable under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and the additional duty leviable under sub-section (1) of section 3 of the said Customs Tariff Act when imported into India and are supplied,— (a) against International Competitive Bidding; or (b) to a power project from which power supply has been tied up through tariff based competitive bidding; or (c) to a power project awarded to a d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervice tax, then, the provider of output service shall also be liable to pay penalty 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 number G.S.R.600 (E), dated the 10th September, 2004, and last amended by notification No. 22/2009-Central Excise (N.T.), dated the 7th September, 2009 vide number G.S.R. 645(E), dated the 7th September, 2009 - Notification Tax Management ..... X X X X Extracts X X X X X X X X Extracts X X X X
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