Reversal of Modvat credit by exporters permitted, subject to input output norms when quantification impossible and departmental powers retained. Exporters may reverse Modvat credit themselves and such self-reversal will not be objected to; where input credit cannot be precisely quantified, reversal may be based on input output norms approved by the commerce ministry. A separate record of reversals by exporters should be maintained, and departmental legal powers to take further action remain unaffected.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reversal of Modvat credit by exporters permitted, subject to input output norms when quantification impossible and departmental powers retained.
Exporters may reverse Modvat credit themselves and such self-reversal will not be objected to; where input credit cannot be precisely quantified, reversal may be based on input output norms approved by the commerce ministry. A separate record of reversals by exporters should be maintained, and departmental legal powers to take further action remain unaffected.
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