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of <h1>Modvat Credit Not Allowed Retrospectively for Reclassified Products u/r 57G, Says Central Board of Excise and Customs.</h1> The circular addresses the issue of Modvat credit admissibility due to changes in product classification and duty rates. During a Modvat meeting in Bombay, it was suggested that Modvat credit should be allowed retrospectively if a product initially exempted under a different heading later becomes taxable. The Central Board of Excise and Customs examined this suggestion and concluded that granting retrospective effect to declarations under Rule 57G would compromise departmental control and lead to misuse. Judicial pronouncements support this view, and thus, retrospective credit will not be permitted. Trade and field formations are to be informed accordingly.
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