Modvat credit eligibility for capital goods in project imports clarified; independent cost accountant certificate may establish eligible credit. Eligibility for Modvat credit on capital goods imported under Project Import Regulations prior to 1.3.1997 depends on whether such goods meet the capital goods definition in the Explanation to rule 57Q; classification under Chapter 98 for customs assessment is not determinative and goods must be assessed against chapters 1-96 of the Central Excise Tariff. Where invoices or separate c.i.f. values are unavailable, an independent Cost Accountant's proforma certificate showing assessable values and eligible credit, subject to departmental verification, may be accepted and the credit allowed based on the applicable additional customs duty rate.
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Modvat credit eligibility for capital goods in project imports clarified; independent cost accountant certificate may establish eligible credit.
Eligibility for Modvat credit on capital goods imported under Project Import Regulations prior to 1.3.1997 depends on whether such goods meet the capital goods definition in the Explanation to rule 57Q; classification under Chapter 98 for customs assessment is not determinative and goods must be assessed against chapters 1-96 of the Central Excise Tariff. Where invoices or separate c.i.f. values are unavailable, an independent Cost Accountant's proforma certificate showing assessable values and eligible credit, subject to departmental verification, may be accepted and the credit allowed based on the applicable additional customs duty rate.
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