Seeks to prescribe rate of deemed credit in respect of independent textile processors and composite mills. - 006/2002 - Central Excise - Non Tariff

Deemed CENVAT credit for textile inputs and fabrics; credit allowed at prescribed rates and usable against duty on final products.

Prescribes a deemed CENVAT credit scheme for specified textile inputs and corresponding final fabric products, declaring particular inputs and final products eligible. Different deemed-credit rates apply to composite mills and to other manufacturers; deemed credit is allowed at clearance without production of input-duty proofs and may be utilized against excise or additional duties on final products. The notification excludes manufacturers who avail regular CENVAT credit for those inputs, restricts composite-mill applicability to fabrics processed from externally sourced unprocessed fabrics where no input credit was claimed, and disallows credit/refund where drawback or rebate is claimed or duties are evaded.