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of <h1>Changes to Modvat Credit Reversal: Debit Duty Paid on Inputs Before Removing Exempted Products per Rule 57G.</h1> The circular from the Central Board of Excise & Customs addresses the reversal of Modvat credit on inputs used in manufacturing exempted final products. It mandates that credit for duty paid on common inputs must be debited in the RG 23 A Part-II account before removing exempted final products, either on an actual or prorated basis, in compliance with Rule 57G. Assessees must submit a monthly statement detailing credit reversals to the jurisdictional Central Excise Officer. This modifies previous instructions and supersedes conflicting circulars. The circular also includes a proforma for reporting input usage and credit details.
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