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of <h1>Modvat Credit on Capital Goods: Claim Only When Factory Starts Production, File Declaration u/r 57Q.</h1> The circular issued by the Central Board of Excise & Customs addresses the issue of Modvat credit for duty paid on capital goods during the initial setup of a factory. It clarifies that Modvat credit is only admissible when the capital goods are used in production. Therefore, credit cannot be claimed during the factory's initial setup phase when the factory is not yet operational. Manufacturers must file a declaration under Rule 57Q, even if the factory is not yet registered or operational. The credit can be utilized only after the factory begins production and is registered, and it can be used to pay the duty on manufactured goods.
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