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of <h1>Circular on Incorrect Modvat Credit: Addressing Rule 173Q (bb) Penalties, Insufficient PLA Balances, and Disproportionate Penalties.</h1> The Central Board of Excise and Customs issued a circular addressing the issue of incorrect Modvat Credit and the associated penalties under Rule 173Q (bb). It highlights two main concerns: the failure to consider insufficient balances in the Personal Ledger Account (PLA) when reversing wrong credits and the disproportionate penalties imposed, which do not align with interest rates applicable if the funds were borrowed from banks or financial institutions. The circular instructs divisional offices and adjudicating authorities to consider these points when reversing credits and acknowledges receipt of the circular.
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