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<h1>CEGAT Denies Modvat Credit for Materials in Wash Tanks</h1> The Appellate Tribunal CEGAT denied Modvat credit for Unsaturated Polyester Resin and Fibre Glass used in Wash Tanks, ruling that they are not considered ... Modvat on capital goods The Appellate Tribunal CEGAT, New Delhi denied Modvat credit for Unsaturated Polyester Resin and Fibre Glass used in Wash Tanks as they are not considered capital goods. The Appellants argued that the resin is integral to the tanks and qualifies for Modvat benefit, but the Revenue contended that these materials are used for repairs and not capital goods. The Tribunal upheld the denial of Modvat credit, stating that the goods do not qualify as capital goods for manufacturing processes.
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