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of <h1>Central Government Can Impose Restrictions Under Rule 12AAA to Prevent CENVAT Credit Misuse by Various Entities.</h1> Rule 12AAA of the Cenvat Credit Rules, 2004 grants the Central Government authority to impose restrictions to prevent misuse of CENVAT credit. This includes measures such as limiting credit utilization and suspending registrations of manufacturers, registered importers, dealers, service providers, or exporters. The government may specify these restrictions through notifications in the Official Gazette, considering factors like the extent and nature of misuse. The rule also clarifies that proposals pending under a previous notification will be processed according to the procedures specified in this rule.
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