Modvat on capital goods acquired on lease, hire-purchase or loan agreement - Conditions and restrictions

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..... 4 In exercise of the powers conferred by sub-rule (3) of rule 57R of the Central Excise Rules, 1944 (hereinafter referred to as the said Rules), the Central Government hereby specifies the following conditions and restrictions that shall be observed by a manufacturer availing credit of the specified duty paid on the capital goods when such capital goods are acquired on lease, hire-purchase or l .....

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..... nufacturer shall produce a certificate from the financial company that duty specified on such capital goods has been paid by the said manufacturer to such financial company, prior to the first lease rental instalment or the first hire-purchase instalment or the first loan instalment of repayment of loan along with a copy of the agreement : Provided that no credit of the specified duty paid on su .....

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