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of <h1>Central Board of Excise & Customs Tightens Modvat Credit Rules; Enhanced Verification for Credits Over Rs. 10,000.</h1> The circular issued by the Central Board of Excise & Customs addresses fraudulent practices in availing Modvat credit, as highlighted by the Comptroller and Auditor General's report. It mandates strict adherence to verification procedures for duty-paying documents, particularly for credits exceeding Rs. 10,000. A three-month time limit is set for verifying declarations under certain Central Excise Rules. The circular emphasizes the need for defacing original duty documents upon receipt and mandates special audits for units with significant Modvat credits. It also calls for enhanced scrutiny by Anti-Evasion Staff for factories with credits over Rs. 25 lakhs. Field formations are instructed to comply with these measures.
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