Reversal of Modvat credit and payment of interest where exports were effcted under Value Based Advance Licence before 31.1.97.under Special Scheme - Regarding
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Reversal of Modvat credit with interest required for exports under value based advance licence; compliance and reporting mandated. Reversal of Modvat credit is mandated where exporters breached Value Based Advance Licensing Scheme conditions for exports before 31.1.97. Quantification is to follow the scheme's variables A, B, C and D and the prescribed formula. Exporters must deposit calculated interest on retained credit along with the reversed amount by 31.1.97, submit a Calculation Sheet to the Jurisdictional Assistant Commissioner for verification, and Commissioners must consolidate and forward default reports by 15.2.97. Certificates of reversal and interest payment require Assistant Commissioner attestation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reversal of Modvat credit with interest required for exports under value based advance licence; compliance and reporting mandated.
Reversal of Modvat credit is mandated where exporters breached Value Based Advance Licensing Scheme conditions for exports before 31.1.97. Quantification is to follow the scheme's variables A, B, C and D and the prescribed formula. Exporters must deposit calculated interest on retained credit along with the reversed amount by 31.1.97, submit a Calculation Sheet to the Jurisdictional Assistant Commissioner for verification, and Commissioners must consolidate and forward default reports by 15.2.97. Certificates of reversal and interest payment require Assistant Commissioner attestation.
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