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of <h1>New Rule 12AA Introduced to Prevent CENVAT Credit Misuse; Grants Government Power to Impose Restrictions and Sanctions.</h1> The notification amends the CENVAT Credit Rules, 2004, by introducing a new provision aimed at deterring misuse of the CENVAT facility. Effective upon publication in the Official Gazette, the amendment adds Rule 12AA, granting the Central Government the authority to impose restrictions when misuse is detected. This includes limiting the utilization of CENVAT credit, suspending dealer registrations, and withdrawing certain facilities. The amendment is enacted under the powers of the Central Excise Act, 1944, and the Finance Act, 1994, to safeguard public interest by preventing CENVAT credit misuse.
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