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of <h1>Modvat Credit Now Allowed for Inputs in Sand Moulds Production Following Tribunal Ruling; Previous Circular Withdrawn.</h1> The circular addresses the admissibility of Modvat credit on inputs like chemicals and resins used in manufacturing sand moulds for iron castings. Initially, Modvat credit was denied based on a 1988 circular, as moulds were considered equipment and exempt from duty. However, a tribunal ruling in the case of a steel company determined that sand moulds are not marketable commodities, and the inputs are used for producing dutiable final products. Consequently, the Board has withdrawn the previous circular, aligning with the tribunal's decision to allow Modvat credit for these inputs.
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