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of <h1>New Rule 12AAA Empowers Government to Restrict CENVAT Credit Misuse by Manufacturers, Dealers, and Exporters</h1> The CENVAT Credit (Fifth Amendment) Rules, 2014, effective from March 21, 2014, amend the CENVAT Credit Rules, 2004. The amendment introduces Rule 12AAA, empowering the Central Government to impose restrictions on the misuse of CENVAT credit. This includes potential restrictions on manufacturers, dealers, or exporters, such as limiting CENVAT credit utilization and suspending dealer registrations. The Chief Commissioner of Central Excise is authorized to issue such orders. Pending proposals under the procedure specified in Notification No. 05/2012-CE (N.T.) will be resolved under this new rule.
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