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of <h1>Clarification on Transfer of Unutilized Modvat Credit in Mergers: Conditions and Limitations Explained for Manufacturers.</h1> The circular clarifies the transfer of unutilized Modvat Credit in cases of company mergers or amalgamations. It addresses concerns from trade associations about the lack of provisions for transferring such credits. The circular explains that under existing Modvat Rules, credit transfer is permissible under specific conditions: when a manufacturer relocates a factory or when credit on unutilized inputs is claimed by a new manufacturer. In mergers, the transferable credit is limited to inputs in stock, in process, or in final products, ensuring no double credit claims. Excess credit beyond these specifications will lapse.
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