Minutes of the Monthly MODVAT meeting held on 6-2-1989 and 8-3-1989 at Delhi - Point No. 15 - Regarding Modvat problem concerning pharmaceutical products

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..... 9 [From F. No. 263/22/89-CX.8] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi Subject : Minutes of the Monthly MODVAT meeting held on 6-2-1989 and 8-3-1989 at Delhi - Point No. 15 - Regarding Modvat problem concerning pharmaceutical products. I am directed to invite your attention to the minutes on Point No. 15 of the Monthly Modv .....

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..... ugh. Field formation and trade interest may be suitably informed. Therefore cases, if any, pending on this account may be settled accordingly. Receipt of this letter may please be acknowledged. COPY Subject : Rule 57C of the Central Excise Rules reads as follows : "Rule 57C. - Credit of duty not to be allowed if final products are exempt. - No credit of the specified duty paid on the inputs .....

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..... e. They have contended that there is no one to one co-relation of input and output under the Modvat scheme for utilisation of credit and, therefore, there should be no bar in providing them the said credit. 4. The Dept. of Revenue are of the view that credit of duty taken on inputs which are in stock on the date of exemption of finished goods would be required to be reversed because such inputs a .....

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