Modvat credit restored for intermediate goods, enabling retrospective entitlement after rescission of proforma credit provisions. The Central Government amended Rule 57H of the Central Excise Rules, 1944 and issued Notification No. 35/98-CE(NT) dated 1 September 1998 to restore Modvat credit admissibility for specified intermediate goods (such as covered rubber thread and covered spendex yarn) for the intervening period following rescission of the proforma credit provisions, thereby addressing the anomaly created between the rescission and its prospective correction.
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Modvat credit restored for intermediate goods, enabling retrospective entitlement after rescission of proforma credit provisions.
The Central Government amended Rule 57H of the Central Excise Rules, 1944 and issued Notification No. 35/98-CE(NT) dated 1 September 1998 to restore Modvat credit admissibility for specified intermediate goods (such as covered rubber thread and covered spendex yarn) for the intervening period following rescission of the proforma credit provisions, thereby addressing the anomaly created between the rescission and its prospective correction.
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