Modvat credit reversal must be prorated before removal; monthly statement required to document reversals for exempted inputs. Credit of duty paid on common inputs remains admissible if the portion attributable to exempted final products is debited in the consolidated RG 23A Part II account before removal of the exempted goods on actual or prorata (estimated) basis, and the assessee files the prescribed month end statement showing reversal particulars, quantities, credit utilised, and prorata reversal details including dates and RG 23A Part II entry numbers.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit reversal must be prorated before removal; monthly statement required to document reversals for exempted inputs.
Credit of duty paid on common inputs remains admissible if the portion attributable to exempted final products is debited in the consolidated RG 23A Part II account before removal of the exempted goods on actual or prorata (estimated) basis, and the assessee files the prescribed month end statement showing reversal particulars, quantities, credit utilised, and prorata reversal details including dates and RG 23A Part II entry numbers.
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