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of <h1>Excise Duty Scheme for Steel Mills and Furnaces Withdrawn u/s 3A; New Ad-Valorem Duty Starts April 2000.</h1> The circular announces the withdrawal of the excise duty scheme under section 3A of the Central Excise Act, 1944, for hot steel re-rolling mills and induction furnace units, effective April 1, 2000. These units will now pay excise duty on an ad-valorem basis. Stocks of finished goods as of April 1, 2000, are considered duty-paid and exempt from further ad-valorem duty. CENVAT credit is allowed for input stocks with valid duty-paying documents, but not for capital goods received between September 1997 and March 2000. Waste and scrap are exempt from duty under a specific notification until April 30, 2000. Field officers are instructed to verify stock quantities, and deemed credit is granted for users of such stock.
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