CENVAT Credit Rules; 2017

rules · 1944 · State unknown

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Parent: THE CENTRAL EXCISE ACT, 1944 (8b9c1d20fad0a6e59e6a2bcf99a6dea8c3f65936)

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CENVAT Credit Rules; 2017 Issue Date: 30-June-2017 Last Updated: 30-June-2017 Table Of Content Rule Short title, extent and commencement Rule 2 Definitions Rule 3 CENVAT credit Rule 4 CENVAT credit in certain cases Rule 5 CENVAT creditin exemption cases Rule 6 Conditions for allowing CENVAT credit Rule 7 Refund of CENVAT Credit Rule 8 Obligation of a manufacturer or producer of final products Rule 9 Distribution of credit on inputs by warehouse of manufacturer: Rule 10 Storage of input outside the factory of the manufacturer Rule 11 Documents and accounts Rule 12 Annual return Rule 13 Transfer of CENVAT credit Rule 14 Transfer of CENVAT credit of additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act Rule 15 Transitional Provisions Rule 16 Recovery of CENVAT credit wrongly taken or erroneously refunded Rule 17 Confiscation and penalty Rule 18 General penalty Rule 19 Power to impose restrictions in certain types of cases Rule 20 Supplementary provision CENVAT CREDIT RULES, 2017 Notification No. 20/2017-C.E. (N.T.) , dated 30-6-2017] In exercise of the powers conferred by section 37 of the Central Excise Act; 1944 (1 of 1944) and in supersession of the CENVAT Credit Rules, 2004, except as respects things done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely = RULE 1. Short title; extent and commencement: 1) These rules may be called the CENVAT Credit Rules, 2017 . (2) They' extend to the whole of India_ (3) They shall come into force on the 1st day of July, 2017 . RULE 2. Definitions: (1) In these rules, unless the context otherwise requires,- (a) "Customs Tariff Act" means the Customs Tariff Act; 1975 (51 of 1975); (b) "electronic credit ledger" means the electronic credit ledge

Rule TOC

10 · Storage of input outside the factory of the manufacturer

11 · Documents and accounts

12 · Annual return

13 · Transfer of CENVAT credit

14 · Transfer of CENVAT credit of additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act

15 · Transitional Provisions

16 · Recovery of CENVAT credit wrongly taken or erroneously refunded

17 · Confiscation and penalty

18 · General penalty

19 · Power to impose restrictions in certain types of cases

20 · Supplementary provision

1 · Short title; extent and commencement:

2 · Definitions:

3 · CENVAT credit

4 · CENVAT credit in certain cases

5 · CENVAT credit in exemption cases.

6 · Conditions for allowing CENVAT credit:

7 · Refund of CENVAT Credit:

8 · Obligation of a manufacturer or producer of final products.

9 · Distribution of credit on inputs by warehouse of manufacturer: (1) A manufacturer having one or more factories, shall be allowed to take credit on inputs received under the cover of an invoice issued by a warehouse of the said manufacturer; who receives inputs under cover of documents specified under Rule 11, towards the purchase of such inputs.

10 · Storage of input outside the factory of the manufacturer: The Deputy Commissioner of Central Excise or the Assistant Commissioner of Central Excise, as the case may be, having jurisdiction over the factory of a manufacturer of the final products may, in exceptional circumstances having regard to the nature of the goods and shortage of storage space at the premises of such manufacturer; by an order; permit such manufacturer to store the input in respect of which CENVAT credithas been taken; outside such factory, subject to such limitations and conditions as he may specify: Provided that where such input is not used in the manner specified in these rules for any reason whatsoever; the manufacturer of the final products shall pay an amount equal to the credit availed in respect of such input:

11 · Documents and accounts:

12 · Annual return:

13 · Transfer of CENVAT credit

14 · Transfer of CENVAT credit of additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act:

15 · Transitional Provisions

16 · Recovery of CENVAT credit wrongly taken or erroneously refunded.

17 · Confiscation and penalty:

18 · General penalty:

19 · 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 registered importer; first stage and second stage dealer provider of taxable service or an exporter; may by notification in the Official Gazette , specify the nature of restrictions including restrictions on utilisation of CENVAT credit and suspension of registration in case an importer or of a dealer and type of facilities to be withdrawn and procedure for issue of such order by the Principal Chief Commissioner of Central Excise or Chief Commissioner of Central Excise, as the case may be.

20 · Supplementary provision: (1) Any " notification; circular; instruction; standing order; trade notice or other order issued under the CENVAT Credit Rules, 2004 by the Central Government; the Central Board of Excise and Customs, the Principal Chief Commissioner of Central Excise or Chief Commissioner of Central Excise, as the case may be or the Principal Commissioner of Central Excise or Commissioner of Central Excise, as the case may be, and in force at the commencement of these rules, shall; to the extent it is relevant and consistent with these rules, be deemed to be valid and issued under the corresponding provisions of these rules_ (2) References in any rule, notification; circular; instruction, standing order; trade notice or other order to the CENVAT Credit Rules, 2004 and any provision thereof; on the commencement of these rules, be construed as references to the CENVAT Credit Rules, 2017 and any corresponding provision thereof.