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of <h1>Clarification on Modvat Credit Reversal for Non-Excisable Items in Ship Breaking Under Central Excise Tariff Act.</h1> The circular clarifies the reversal of Modvat Credit on non-excisable items removed during ship breaking. In 1995, ship breaking was classified as manufacturing under the Central Excise Tariff Act, 1985. Two issues arose: whether items from ship breaking outside Section XV are excisable, and whether ship breakers could claim full Modvat Credit on Countervailing Duty (CVD) paid. It was determined that items outside Section XV are non-excisable, and full credit is available, as Rule 57C does not apply. The Law Ministry concurs, and pending disputes should be resolved accordingly.
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