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of <h1>Clarification on Modvat Credit for Capital Goods Received Before January 1, 1996: Immediate Credit Admissible Without Use Requirement.</h1> The circular clarifies the rules regarding the availment and utilization of Modvat credit on capital goods purchased but not used before January 7, 1996. It addresses concerns where credit was denied based on a previous circular stating that credit could only be taken after capital goods were used. The Board clarifies that this restriction applies only to the initial setup of a factory and not to operational units that received capital goods before January 1, 1996. For such cases, credit availed and utilized immediately upon receipt is admissible, even if the goods were not yet used in production.
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