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of <h1>Modvat Scheme Update: New Excise Duty Adjustments for Textile Fabrics, Effective September 4, 1996.</h1> The circular outlines the introduction and modifications of the Modvat Scheme on textile fabrics effective from September 4, 1996. Key changes include adjustments in the rates of Additional Excise Duty (AED) and Basic Excise Duty (BED) for cotton and other fabrics, with specific provisions for composite mills and independent processors. Composite mills can claim actual duty credit on inputs and have specific conditions for deemed credit on job-worked fabrics. Independent processors have increased deemed credit rates for non-cotton fabrics. The circular also addresses the conditions under which deemed credit is inapplicable, such as clandestine removals, and details the procedure for handling export-related credits.
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