Notification No. 31/2006-CE (NT) Dated 30/12/2006
CENVAT Credit (Seventh Amendment) Rules, 2006.- G.S.R.
(E).- In exercise of the powers
conferred by 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. (1) These rules may be called the CENVAT Credit (Seventh Amendment) Rules,
2006.
(2) They shall come into force on the date of their publication in the Official
Gazette.
2. In the CENVAT Credit Rules, 2004, after rule 12A, the following rule, shall
be inserted, namely:-
"12AA. Power to impose restrictions in certain types of cases.-
Notwithstanding anything contained in these rules, where the Central
Government, having regard to the extent of misuse of CENVAT credit, nature and
type of such misuse and such other factors as may be relevant, is of the opinion
that in order to prevent the misuse of the provisions of CENVAT credit as
specified in these rules, it is necessary in the public interest to provide for
certain measures including restrictions on a manufacturer, first stage and
second stage dealer or an exporter, may by a notification in the Official
Gazette, specify nature of restrictions including restrictions on utilization of
CENVAT credit and suspension of registration in case of a dealer and type of
facilities to be withdrawn and procedure for issue of such order by an officer
authorized by the Board".
F.No.224/40/2006-CX.6
Rahul
Nangare,
Under Secretary to the Government of
Note.- The principal rules were published vide notification No. 23/2004-Central Excise (N.T.), dated the 10th September, 2004, G.S.R.600 (E), dated the 10th September, 2004 and was last amended vide notification No.19/2006-Central Excise (N.T.), dated the 30th September, 2006, vide [G.S.R. 608(E), dated the 30th September, 2006].