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of <h1>CBEC Clarifies No Modvat Credit for Intermediate Licence Holders Using Indigenous Materials for Export Products Under Advance Scheme.</h1> The circular from the Central Board of Excise & Customs addresses the admissibility of Modvat credit for intermediate products under the Intermediate Advance Licence Scheme. It clarifies that while intermediate licence holders can use indigenous raw materials to manufacture products supplied to ultimate exporters, they cannot claim Modvat credit on these materials. Additionally, imported raw materials cannot be used for direct exports, as direct and deemed exports are distinct processes. The circular instructs Collectors and other officials to ensure compliance and prevent unintended benefits to assessees, emphasizing the importance of clear guidance for officers within their jurisdictions.
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