Regarding extension of Bank Guarantee as an option in respect of duty exemption for Mega/ Ultra mega power projects

TG Team 27 Jun 2012 826 Views 0 comment Print Excise Duty | Notifications, Notifications/Circulars

Following amendments have been made in CENVAT Credit Rules, 2004 :

i. Notification No. 5/2006 CE (NT) dated 14-03-2006 prescribing, procedures, safeguards a condition and limitations for refund of CENVAT Credit under Rule 5 of CCR, 2004 has been rescinded. In its place, a new Notification No.27/2012-CE(NT) dated 18-06-2012 has been to issued to prescribe the procedures, safeguards etc. for the refund of such credit with appropriate amendments. [Notification No. 27 /2012-CE (N.T.) dated 18-06-2012]

ii. Pursuant to the negative list becoming effective from 01-07- 2012, consequential amendments have been made in the definitions of capital goods, input service, output service etc. Other related amendments in rule 3 to 8 have also been made to harmonise the provisions of CCR with the negative list..

Notification No. 28/2012-Central Excise , Dated – 27^th June, 2012

G.S.R. 509(E).-In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 12/2012-Central Excise, dated the 17^th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E), dated 17^th March, 2012, namely:-

In the said notification, in the ANNEXURE,-

A. in Condition No. 42, for the words “Fixed Deposit Receipt”, the words “Fixed Deposit Receipt or Bank Guarantee” shall be substituted.

B. in Condition No. 43, for the words “Fixed Deposit Receipt”, the words “Fixed Deposit Receipt or Bank Guarantee” shall be substituted.

[F. No. 354/94/2011- TRU]

(Rajkumar Digvijay)

Under Secretary to the Government of India

Note: The principal notification No. 12/2012-Central Excise, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E), dated the 17^th March, 2012, was last amended vide notification No. 24/2012-Central Excise, dated the 8th May, 2012, published vide number G.S.R. 339(E), dated the 8^th May, 2012.