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of <h1>New Circular Targets Modvat Credit Scheme Misuse with Monthly Checks and Audits to Tackle Fraudulent Practices.</h1> The circular addresses concerns about the misuse of the Modvat Credit Scheme, noting an increase in duty payments from Modvat accounts without corresponding revenue growth. It highlights fraudulent practices such as using fake documents, claiming credit without receiving goods, and passing excess credit to others. The Board mandates monthly checks by field officers on Modvat credit utilization, emphasizing verification of raw material receipt and utilization. Special Modvat Verification Teams will audit units with significant credit claims, and audit parties are instructed to focus on Modvat credit verification. A comprehensive plan and monthly reporting are required, with software development prioritized for invoice checks.
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