(1) A manufacturer or producer of final products shall be allowed to take credit (hereinafter referred to as the CENVAT credit) of -
(a) the duty of excise specified in the Fourth Schedule to the Excise Act, as leviable under the said Act,
(b) the National Calamity Contingent duty leviable under section 136 of the Finance Act, 2001 (14 of 2001);
(c) the additional duty leviable under Section 3 of the Customs Tariff Act, equivalent to the duty of excise as specified under clauses (a) and (b);
(d) the additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act;
(e) the additional duty of excise leviable under Section 85 of Finance Act, 2005 (18 of 2005)
paid on-
any input received in the factory of manufacture of final product on or after the 1st day of July, 2017 including the said
duties paid on any input used in the manufacture of intermediate products, by a job-worker availing the benefit of exemption specified in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 214/86- Central Excise, dated the 25th March, 1986, published in the Gazette of India vide number G.S.R. 547 (E), dated the 25th March, 1986, and received by the manufacturer for use in, or in relation to, the manufacture of final product, on or after the 1st day of July, 2017.
(2) Notwithstanding anything contained in sub-rule (1), the manufacturer or producer of final products shall be allowed to take CENVAT credit of the duty paid on inputs lying in stock or in process or inputs contained in the final products lying in stock on the date on which any goods manufactured by the said manufacturer or producer cease to be exempted goods or any goods become excisable.
(3) The CENVAT credit may be utilised for payment of -
(a) any duty of excise on any final product; or
(b) an amount equal to CENVAT credit taken on inputs if such inputs are removed as such or after being partially processed; or
(c) an amount under sub rule (2) of rule 15 of Central Excise Rules, 2017 :
Provided that while paying duty of excise, the CENVAT credit shall be utilized only to the extent such credit is available on the last day of the month or quarter, as the case may be, for payment of duty relating to that month or the quarter, as the case may be :
Provided also that the CENVAT credit of any duty specified in sub-rule (1), except the National Calamity Contingent duty under clause (b) thereof, shall not be utilised for payment of the National Calamity Contingent duty leviable under section 136 of the Finance Act, 2001 (14 of 2001) :
Provided also that the CENVAT credit of any duty mentioned in sub-rule (1), other than credit of additional duty of excise leviable under section 85 of Finance Act, 2005 (18 of 2005), shall not be utilised for payment of said additional duty of excise on final products.
(4) Notwithstanding anything contained in sub-rule (1) and sub-rule (3), CENVAT credit in respect of -
(i) the National Calamity Contingent duty leviable under section 136 of the Finance Act, 2001 (14 of 2001);
(ii) the additional duty leviable under section 3 of the Customs Tariff Act, equivalent to the duty of excise specified under item (i) above;
(iii) the additional duty of excise leviable under section 85 of Finance Act, 2005 (18 of 2005),
shall be utilised towards payment of duty of excise under the said National Calamity Contingent duty leviable under section 136 of the Finance Act, 2001 (14 of 2001), or the additional duty of excise leviable under section 85 of Finance Act, 2005 (18 of 2005) respectively, on any final products manufactured by the manufacturer or for payment of such duty on inputs themselves, if such inputs are removed as such or after being partially processed.