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of <h1>Clarification on MODVAT/CENVAT: Credit Reversal Required for Fully Written Off Inputs or Unused Capital Goods.</h1> The circular addresses the rules for reversing MODVAT/CENVAT credit on inputs or capital goods written off as obsolete or unfit for use. It references a 1995 circular requiring reversal of credit in such cases. The Board clarifies that if unused inputs are fully written off, the credit must be repaid. However, if the inputs are partially written off but still usable, repayment is not required. For capital goods written off before use, the credit must be repaid as with unused inputs. The circular instructs trade and field formations to be informed of these guidelines.
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