Section 3A application to re rolling mills and induction furnaces updated; coverage, capacity rules and compliance modified. Application of section 3A to induction furnaces and hot re rolling mills is postponed to 1 September 1997; August clearances are charged per Notification No.50/97 CE. Amendments redefine 'd' and 'i' factors, revise 'w' slabs limiting coverage to mills with nominal centre distance up to 410 mm (larger mills to pay ad valorem duty), add a rule deeming annual capacity to be the higher of formula result or 1996-97 production, allow duty abatement for prolonged closures with verification, permit two instalment payments, extend concessional per tonne duty to mills below 161 mm, grant deemed modvat credit of 12% to direct downstream purchasers paid by cheque, and disallow job work and captive exemption for section 3A units.
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Section 3A application to re rolling mills and induction furnaces updated; coverage, capacity rules and compliance modified.
Application of section 3A to induction furnaces and hot re rolling mills is postponed to 1 September 1997; August clearances are charged per Notification No.50/97 CE. Amendments redefine 'd' and 'i' factors, revise 'w' slabs limiting coverage to mills with nominal centre distance up to 410 mm (larger mills to pay ad valorem duty), add a rule deeming annual capacity to be the higher of formula result or 1996-97 production, allow duty abatement for prolonged closures with verification, permit two instalment payments, extend concessional per tonne duty to mills below 161 mm, grant deemed modvat credit of 12% to direct downstream purchasers paid by cheque, and disallow job work and captive exemption for section 3A units.
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