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of <h1>Government Updates Excise Rules: New Formula for Monthly Rebate Rates on Steel and Textiles; Rebate Caps Detailed</h1> The Central Government has amended Notification No. 31/98-C.E. (N.T.), dated August 24, 1998, concerning non-alloy steel ingots/billets and hot re-rolling products under Central Excise rules. The amendment introduces an explanation for calculating the 'monthly average rate of rebate' using a specific formula. Additionally, a new entry is added to the notification's table, detailing rebate rates for processed textile fabrics under certain tariff headings. The rebate is capped at Rs. 3.80 or Rs. 5.10 per square meter, depending on the excise duty paid per chamber by the manufacturing factory.
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