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NOTIFICATIONNo. 51 / 2001-CENTRAL EXCISE (N.T)
G.S.R. (E).- In exercise of the powers conferred by
section 37 of the Central Excise Act, 1944(1 of 1944), the
Central Government hereby makes the following further rules to
amend the Central Excise(No: 2) Rules, 2001, (hereinafter
referred to as the said rules) namely:-
1. (1)These rules may be called the Central
Excise(No:2) ( First Amendment) Rules, 2001
(2) They shall come into force on the 1st day of
July, 2001
2. In rule 15 of the said rules, for sub-rule (1),
the following shall be substituted, namely:-
ì(1) The Central Government may, by notification,
specify the goods in respect of which an assessee shall have the
option to pay the duty of excise on the basis of such factors as
may be relevant to production of such goods and at such rate as
may be notified for this purpose, subject to such limitations
and conditions, including those relating to interest or penalty,
as may be specified in such notification.î
3. In rule 16 of the said rules, for sub-rule(2),
the following shall be substituted, namely:-
ì(2) If the process to which the goods are
subjected before returning does not amount to manufacture, the
manufacturer shall pay an amount equal to the CENVAT credit
taken under sub-rule(1) and in any other case the manufacturer
shall pay duty on goods returned under sub-rule(1) at the rate
applicable on the date of removal and on the value determined
under sub-section(2) of section 3 or section 4 or section 4A of
the Act, as the case may be.
(T.R.Rustagi)
Joint
Secretary to the Government of India
F.No 354/66/2001 -TRU
Note: The principal rules were published in the
Gazette of India, Extraordinary vide G.S.R 444 (E) dated the
21st June, 2001
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