Amendments in the CENVAT Credit Rules, 2002

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....ernment hereby makes the following rules further to amend the CENVAT Credit Rules, 2002, namely:- 1. (1) These rules may be called the CENVAT Credit (Seventh Amendment) Rules, 2003. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the CENVAT Credit Rules, 2002,- (i) in rule 3, after sub-rule (4), the following shall be inserted, namely,- ....

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.... amount shall apply, as if such amount is a duty of excise liable to be paid by an assessee: Provided that such option once exercised by the said dealer, shall not be withdrawn during the remaining part of the financial year; (b) the first or second stage dealer of goods referred to in clause (a), who avails of the option referred to in said clause, may take credit of duties referred to in s....