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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendments to Central Excise Rules 15 & 16: New Excise Duty Options and CENVAT Credit Repayment Conditions.</h1> The Central Excise (No. 2) (First Amendment) Rules, 2001, effective from July 1, 2001, amends Rules 15 and 16 of the Central Excise (No. 2) Rules, 2001. Under the amended Rule 15, the government can specify goods for which an assessee may opt to pay excise duty based on relevant production factors, subject to specified conditions. Amended Rule 16 states that if goods are returned without undergoing a manufacturing process, the manufacturer must repay the CENVAT credit. Otherwise, duty must be paid on returned goods at the applicable rate and value determined under relevant sections of the Central Excise Act, 1944.
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