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of <h1>Clarification on Modvat Credit: 75% Restriction for Capital Goods; 100% for Raw Materials and Inputs u/r 57A/B.</h1> The circular addresses the restriction of Modvat credit on goods imported under Project Imports, classified under Heading 98.01 of the Customs Tariff Act. It clarifies that the 75% credit restriction applies only to capital goods, not to raw materials, inputs, and components used in manufacturing capital goods. These latter items are eligible for 100% credit if covered under Rule 57A with Rule 57B of the Central Excise Rules, 1944. The circular emphasizes that while capital goods are subject to depreciation claims, raw materials and inputs are not, ensuring equal cumulative benefits for all imports under Heading 98.01.
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