Modvat input credit specification expanded to include certain textile intermediates, restoring credit eligibility across manufacturing chains. Modvat input credit eligibility has been clarified by designating specific textile intermediates as specified inputs or outputs so that duty credit flows through manufacturing chains. The circular lists four amendments specifying scoured and carded wool for woollen yarn, carded/combed cotton and cotton waste for spun yarn, unprocessed woollen fabrics for processed woollen fabrics, and covered rubber thread and covered spandex yarn for narrow woven fabrics, thereby removing practical obstacles to availing Modvat credit where intermediates previously were not listed.
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Provisions expressly mentioned in the judgment/order text.
Modvat input credit specification expanded to include certain textile intermediates, restoring credit eligibility across manufacturing chains.
Modvat input credit eligibility has been clarified by designating specific textile intermediates as specified inputs or outputs so that duty credit flows through manufacturing chains. The circular lists four amendments specifying scoured and carded wool for woollen yarn, carded/combed cotton and cotton waste for spun yarn, unprocessed woollen fabrics for processed woollen fabrics, and covered rubber thread and covered spandex yarn for narrow woven fabrics, thereby removing practical obstacles to availing Modvat credit where intermediates previously were not listed.
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