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of <h1>New Rules for Induction Furnace Steel Production: Fixed Duty Option, No Modvat Credit, Capacity Based on Furnace Size.</h1> The circular addresses the application of Section 3A of the Central Excise Act, 1944, to induction furnaces producing ingots and billets of non-alloy steel. It outlines the notification of these goods as 'notified goods' and introduces the Induction Furnace Annual Capacity Determination Rules, 1997, for determining production capacity. The rules specify that the capacity is based on the installed furnace capacity, with specific provisions for idle crucibles. Manufacturers can opt to pay a fixed monthly duty under Rule 96ZO, which exempts them from certain reliefs. The circular also states that Modvat credit is not applicable to these products, and any existing credit will lapse.
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