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<h1>Modvat credit on capital goods restricted until factory commences production; credit usable only for duty on manufactured output.</h1> Modvat credit on duty paid for capital goods is allowable only when those capital goods enter into production; manufacturers must file the declaration under Rule 57Q but may avail the credit only after the factory commences production and is registered, and such credit can be utilised solely for payment of duty on goods manufactured and cleared by that factory.
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