CE Rules Amended - CENVAT Credit Rules 2002 - Still in Vogue?
GOVERNMENT has amended the Central Excise Rules, 2002, to make consequential changes due to its various amendments in statutes.
1. Section 11AB was removed from the Central Excise Act in Budget 2011, but its ghost continued in various provisions including the Central Excise Rules. Now mention of Section 11AB in Rule 7(4) is omitted.
2. "CENVAT Credit Rules 2002" bid way to "CENVAT Credit Rules 2004" eight years back but still the 2002 Rules figure even in the Central Excise Rules. Now, in Rule 11, for “CENVAT Credit Rules, 2002”, “CENVAT Credit Rules, 2004” shall be substituted. But "CENVAT Credit Rules, 2002" is mentioned even in Rule 16(1) of the CE Rules – and they forgot to amend that rule!!!
3. Now an assesse is required to produce documents even to the cost accountant or chartered accountant nominated under section 14A or section 14AA of the Act, apart from officers of the Department and AG's office and that too within the time limit specified by the said officer or the audit party or the cost accountant or chartered accountant. Draconian?????
They have all the powers and you have all the responsibilities – that is what simplification is all about!
Everybody seems to be working overtime to ensure that this Government becomes so unpopular that there is no hope of coming back to power in 2014.
Notification No. --CX., (N.T.), Dated: March 30, 2012