Ad valorem excise duty replaces capacity levy, finished stocks treated as duty paid and CENVAT credit rules clarified. Withdrawal of the section 3A capacity based levy converts re rolling mills and induction furnace units to an ad valorem excise duty regime from 1 April 2000; finished goods on hand at the 31 March/1 April cut off are treated as duty paid and may be cleared without further ad valorem duty with appropriate invoice notation and stock records. CENVAT credit on input stocks as on 1 April 2000 is allowed only if supported by duty paying documents; no credit is admissible for capital goods received between 1 September 1997 and 31 March 2000. Waste and scrap on hand are exempt under the retained notification until 30 April 2000, and deemed credit for users is provided by notification No.29/2000.
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Ad valorem excise duty replaces capacity levy, finished stocks treated as duty paid and CENVAT credit rules clarified.
Withdrawal of the section 3A capacity based levy converts re rolling mills and induction furnace units to an ad valorem excise duty regime from 1 April 2000; finished goods on hand at the 31 March/1 April cut off are treated as duty paid and may be cleared without further ad valorem duty with appropriate invoice notation and stock records. CENVAT credit on input stocks as on 1 April 2000 is allowed only if supported by duty paying documents; no credit is admissible for capital goods received between 1 September 1997 and 31 March 2000. Waste and scrap on hand are exempt under the retained notification until 30 April 2000, and deemed credit for users is provided by notification No.29/2000.
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