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of <h1>Clarification on Modvat Credit Eligibility for Capital Goods under Project Imports, Heading 98.01, via Rule 57Q.</h1> The circular addresses the issue of Modvat credit eligibility for capital goods imported under Project Imports, specifically under heading 98.01 of the Customs Tariff. It clarifies that the absence of a corresponding entry in the Central Excise Tariff does not automatically disqualify such goods from Modvat credit. The eligibility depends on whether the goods meet the definition of 'capital goods' under rule 57Q. For cases lacking specific invoices, a certificate from an independent Cost Accountant can be used to determine the eligible credit amount, subject to departmental verification. This approach aims to resolve difficulties in credit calculation for goods imported before March 1, 1997.
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