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of <h1>Amendment to CENVAT Credit Rules 2002: Duty Payable Based on Value Addition, New Refund Procedures Effective April 1, 2008.</h1> The notification amends Notification No. 56/2003-Central Excise, altering the utilization of CENVAT credit under the CENVAT Credit Rules, 2002. The amendment changes the calculation of duty payable, now based on value addition in manufacturing, with specified rates for different goods categories. It mandates manufacturers to use available CENVAT credit before paying balance duty in cash. The notification outlines procedures for claiming duty refunds based on value addition, including submitting statements to tax authorities and options for provisional refunds. It also allows manufacturers to apply for a special rate of refund if actual value addition exceeds specified rates. The changes take effect from April 1, 2008.
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