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of <h1>Modvat Credit Denial on Lubricating Oils Clarified; Rule 57B Amended, Credit Allowed u/r 57Q for 1997 Period.</h1> The Central Board of Excise & Customs addressed the issue of Modvat credit denial on lubricating base oils used in manufacturing lubricating oils and greases between 01.03.1997 and 31.08.1997. It was clarified that, under rule 57B, Modvat credit was not available for certain oils and coolants before 01.09.1997. However, credit was admissible under rule 57Q when used as inputs for further manufacturing. To align with this intent, clause (v) of rule 57B(2) was removed by Notification No.46/97 CE(NT) on 01.09.1997. Consequently, Modvat credit should not be denied for the specified period.
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