TMI BlogReversal of Modvat credit and payment of interest where exports were effcted under Value Based Advance Licence before 31.1.97.under Special Scheme - RegardingX X X X Extracts X X X X X X X X Extracts X X X X ..... .209/48/96-CX.6 Government of India Ministry of Finance Department of Revenue, New Delhi Subject : Reversal of Modvat credit and payment of interest where exports were effcted under Value Based Advance Licence before 31.1.97.under Special Scheme - Regarding I am directed to enclose the text of the scheme announced by the Government to allow reversal of the Modvat credit av ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. In addition to the above amount, an interest @20% on the amount of Modvat credit retained by such exporters for the period between the date of exports and the date of reversal has to be calculated and deposited by them before 31.1.97 under the Central Excise Head along with the amount of Modvat wrongly availed and calculated as above. Where credit has already been reversed, the exporters shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Value of exports Amount of Modvat Amount of modvat credit credit required to be reversed actually reversed A. Amount B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who have not reversed the credit and deposited the interest as stated above and forward his report by 15.2.97 to the concerned Commissioners of Customs for taking necessary actions for non-compliance with the conditions of Customs Notification by them under intimation to the Board. 7. It should be ensured that certificates regarding reversal of Modvat in full or part and payment of interest due ..... X X X X Extracts X X X X X X X X Extracts X X X X
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