MODVAT credit limitation: 95% cap applies for inputs received on or after the critical date, with specified exceptions. The MODVAT credit ceiling of 95% of duty applies only where credit is availed under the normal input credit provisions for inputs received in the manufacturer's factory on or after 2 June 1998; credits relating to job work removals accounted for by debiting and later crediting an amount under challan are not subject to the 95% restriction; inputs received on or before 1 June 1998 remain entitled to full credit to the extent of duty paid; specified petroleum products remain governed by their separate ad valorem credit limitation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
MODVAT credit limitation: 95% cap applies for inputs received on or after the critical date, with specified exceptions.
The MODVAT credit ceiling of 95% of duty applies only where credit is availed under the normal input credit provisions for inputs received in the manufacturer's factory on or after 2 June 1998; credits relating to job work removals accounted for by debiting and later crediting an amount under challan are not subject to the 95% restriction; inputs received on or before 1 June 1998 remain entitled to full credit to the extent of duty paid; specified petroleum products remain governed by their separate ad valorem credit limitation.
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