Modvat - Declaration under Rule 57G - Regarding

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..... - Regarding I am directed to invite your attention to Board's circular No. 43/88, dated 15-9-1988 issued from F. No. 267/114/84-CX.8 on the above subject. It has been clarified in the aforesaid circular that where the classification of the inputs declared by the assessee does not tally with the correct classification then Modvat credit can be taken in RG 23A but should not be utilised for paym .....

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..... s credit in RG 23A and utilised for payment of the duty on final product subject to the adjustment of credits on the basis of duty finally assessed by following the procedure prescribed under Rule 57E. Board's instructions dated 15-9-88 may be modified to the above extent. 2. The above instructions may be brought to the notice of the field formations. 3. Trade interests may also be suitably in .....

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