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of <h1>Prompt Refunds for Modvat Credit u/r 57F(4) to Aid Exporters' Competitiveness and Ease Financial Strain.</h1> The circular addresses the issue of delayed cash refunds for accumulated Modvat credit under rule 57F(4) of the Central Excise Rules, 1944. It highlights concerns that Central Excise authorities are not sanctioning these refunds, resulting in significant financial burdens for exporters. The Board has reviewed the situation and emphasizes that cash refunds are crucial incentives for manufacturers and exporters, impacting their global competitiveness. The directive mandates that refund claims be processed promptly when manufacturers cannot utilize the credit against exported goods for the relevant period.
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