Finance Ministry Circular: Updates on Central Excise Procedures; Modvat Scheme Extended to Dealer Invoices; New RT-12 Return Guidelines.

The circular from the Ministry of Finance addresses changes in Central Excise Procedures following the 1994-95 Budget. Key changes include invoice-based assessment, extending the Modvat Scheme to dealer-issued invoices, and Modvat on capital goods obtained via hire-purchase or lease. The circular highlights the need for evaluation reports on RT-12 returns and suggests that issues with Modvat claims on capital goods should be discussed with the jurisdictional Collector. The Board emphasizes expeditious assessment of RT-12 returns, ensuring verification of duty-paying documents and accumulated Modvat credit. Field formations are instructed to submit evaluation reports and data on Modvat credit monthly.

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