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of <h1>MODVAT Credit on Inputs Exported Under Bond Clarified: Rule 57F(4) Allows Use Without Reversal, Ensures Equal Treatment.</h1> The circular addresses the utilization of MODVAT credit for inputs exported under bond without being used in manufacturing. It clarifies that credit on such inputs can be utilized similarly to final products, as per Rule 57F(4) of the Central Excise Rules. The government does not intend to prevent manufacturers from using this credit. The circular ensures that exports under bond are treated equally to those claiming rebates, maintaining duty incidence as 'nil.' It confirms that inputs exported under bond can utilize MODVAT credit without reversing it, aligning with the provisions for final products.
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