Modvat - Notional credit under Rule 57B cannot be taken at a later date than the date of taking credit of actual duty at the time of receipts of inputs - Central Excise - 48/90-CX.8

Modvat - Notional credit under Rule 57B cannot be taken at a later date than the date of taking credit of actual duty at the time of receipts of inputs Circular No. 48/90-CX.8 Dated 18-7-1990 [From F.No. 267/34/88-CX.8] Government of India Central Board of Excise Customs New Delhi Subject : Minutes on Point number 21 of the Modvat Meeting held at Bombay on 14-9-1989 - Regarding - Whether notional credit under Rule 57B can be taken at a later date than the date of taking credit of actual duty at the time of receipt of inputs - Clarification regarding. I am directed to invite your attention to the instructions issued vide Board's letter of even number dated 12-9-1988 clarifying that notional credit should not be permitted to be taken by an assessee at a later date than the date of taking credit of actual duty, at the time of receipt of the inputs. Request have been made to reconsider the instructions. The matter has been re-examine in consultation with the Law Ministry again. Ministry of Law have reiterated their earlier opinion that in the absence of any specific provision under the Modvat rules, notional credit under Rule 57B cannot be taken at a later date than the recipt of the inputs in the factory of the Modvat user. It has, therefore been decided to reiterate the vide Board's instructions aforesaid. Any assessee who feels aggrieved in this regard can take recourse to the appellate remedy. Trade Field formations may be informed suitably. Receipt of this letter may please be acknowledged.