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of <h1>Full MODVAT Credit Admissible for CVD on Car Kits in CKD/SKD Form, Clarifies Board.</h1> The circular addresses the issue of MODVAT credit eligibility for Countervailing Duty (CVD) paid on car kits imported in Completely Knocked Down (CKD) or Semi Knocked Down (SKD) condition. It notes discrepancies in how Central Excise Authorities are handling these credits, with some allowing only partial credit or denying it entirely. The Board clarifies that since these car kits are assessed as complete cars and constitute manufacturing under the Central Excise Tariff Act, the full MODVAT credit for the CVD paid is admissible. The authorities cannot restrict this credit under the MODVAT Rules.
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