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of <h1>MODVAT Credit Allowed for CVD on Capital Goods for EOUs Converting to Domestic Units After Premature Debonding.</h1> The circular addresses the issue of MODVAT credit for 100% Export Oriented Units (EOUs) seeking premature debonding to convert into Domestic Tariff Area Units. Upon debonding, these units pay customs and central excise duties on capital goods initially acquired duty-free. The circular clarifies that MODVAT credit can be granted for the countervailing duty (CVD) paid on imported or domestically procured capital goods once the unit begins operations as a domestic entity. The relevant trade and field formations are to be informed of this decision.
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