NTF. NO. 35/2003-CE(N.T.), DT. 10/04/2003

Central Government Declares (Amount of Credit of Duty)

In exercise of the powers conferred by sub-rule (3) of rule 9A of the CENVAT Credit, Rules, 2002, the Central Government, hereby declares, for the purposes of the said rule, the amount of credit of duty, as specified in column (3) of the table below, on inputs lying in stock or in process or on inputs contained in finished goods lying in stock, as specified in the corresponding entry in column (2) of the said Table, namely:-

(In above para Bold words has been corrected vide Corrigendum, Dt. 22/04/2003)

TABLE

S. No.	Description	Amount of credit
(1)	(2)	(3)
1	Input lying in stock or in process, namely,-
	(a) Texturised yarn lying in stock in a composite mill;	Rs 18 per Kg of texturised yarn multiplied by quantity in Kg of such texturised yarn
	(b) Yarn other than (a) above;	Deemed value multiplied by the rate of duty on such yarn
	(c) Fabrics (unprocessed or processed)	Deemed value multiplied by the rate of duty on such fabrics
2	finished goods lying in stock,namely,- (a) Unprocessed fabrics of cotton not containing any other textile material; (b) Unprocessed fabrics other than (a) above; (c) Yarns, which were eligible for exemption, as on 31st March, 2003, from the whole of the excise duty under notification No. 6/2002-Central Excise, dated the 1st March, 2002 (other than the shoddy yarn purchased or procured from outside the factory, and subjected to any process); (d) Article of apparel and clothing accessories falling under Chapter 61	Declared value multiplied by 26% of the rate of duty on such unprocessed fabrics Declared value multiplied by 60% of the rate of duty on such unprocessed fabrics Deemed value multiplied by the rate of duty on such yarn Declared value multiplied by 12% of the rate of duty on such article of apparel and clothing accessories.
(In the table s.no.2 has been substituted vide NTF. NO. 47/2003-CE(N.T.), DT. 17/05/2003)
[OLD 2	finished goods lying in stock, namely,-
	(a) Unprocessed fabrics of cotton not containing any other textile material;	Declared value multiplied by 26% of the rate of duty on such unprocessed fabrics
	(b) Unprocessed fabrics other than (a) above	Declared value multiplied by 60% of the rate of duty on such unprocessed fabrics]

Explanation 1.- For the purposes of this notification, Deemed value shall be calculated in the following manner:

Deemed value =

Declared value multiplied by 95 [100 + rate of duty];

Explanation 2.- For the purposes of this notification, rate of duty shall mean the rate of duty leviable under the Central Excise Tariff Act, 1985 (5 of 1986), the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957) and Additional Duties of Excise (Textile and Textile Articles) Act, 1978 (40 of 1978), as the case may be, read with any notification, as on the 1st day of April, 2003;

Explanation 3.- For the purposes of this notification, composite mill means a manufacturer who is engaged in the processing of fabrics with the aid of power along with the spinning of yarn from fibres and weaving or knitting or crocheting of fabrics within the same factory and includes a multi-locational composite mill, i.e., a public limited company which is engaged in the processing of fabrics with the aid of power along with the spinning of yarn from fibres and weaving or knitting or crocheting of fabrics in one or more factories owned by the same public limited company.

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