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of <h1>Manufacturers Can Store Inputs Externally with Approval to Retain MODVAT Credit, Says Central Board of Excise and Customs.</h1> The circular addresses the issue of availing MODVAT credit for inputs stored outside the factory premises due to storage constraints or hazardous nature. The Central Board of Excise and Customs has decided to permit manufacturers to store such inputs externally with permission from the Jurisdictional Commissioner of Central Excise. This storage will be treated as an extension of the factory premises, ensuring MODVAT credit is not lost. However, credit can only be recorded in the books once the inputs are fully received inside the factory for production use. Safeguards are advised to prevent misuse of this allowance.
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