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of <h1>Modvat Credit Validity Clarified: Invoices Against Gate Passes from April 1 to May 11, 1994, Now Accepted.</h1> The circular addresses the issue of Modvat credit for the period from April 1, 1994, to May 11, 1994. It highlights concerns raised by trade groups and chambers of commerce regarding the non-recognition of invoices issued under Rule 57G against gate passes as valid duty-paying documents. Initially, Notification No. 15/94-CE (NT) did not cover inputs in stock or transit as of March 31, 1994. This was later rectified by Notification No. 21/94-CE (NT), but credit was still denied for the specified period. The Board has now prescribed that invoices issued against gate passes during this period are valid for Modvat credit, provided they contain required details.
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