Assessment on invoice value requires expeditious RT 12 verification and monthly reports on Modvat credit use. The Board requires that RT 12 return assessments be conducted expeditiously and only after verification of duty paying documents for capital goods, reconciliation of accumulated Modvat credit, verification of production using those capital goods, calculation of duty attributable to such production and set off of that duty against accumulated Modvat credit, with initial evaluation and statistical reports on Modvat credit on capital goods submitted within a fortnight and monthly thereafter.
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Provisions expressly mentioned in the judgment/order text.
Assessment on invoice value requires expeditious RT 12 verification and monthly reports on Modvat credit use.
The Board requires that RT 12 return assessments be conducted expeditiously and only after verification of duty paying documents for capital goods, reconciliation of accumulated Modvat credit, verification of production using those capital goods, calculation of duty attributable to such production and set off of that duty against accumulated Modvat credit, with initial evaluation and statistical reports on Modvat credit on capital goods submitted within a fortnight and monthly thereafter.
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