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of <h1>Modvat Credit Extended to Thinners for Spray Painting on All Excisable Products, Not Just Automobiles.</h1> The Central Board of Excise & Customs has issued a circular extending the admissibility of Modvat credit on thinners used as diluents for paints in spray painting to all excisable products, beyond just automobiles and their parts. For thinners to qualify for credit, they must be used in spray painting of excisable products that are subject to Central Excise duty and must be notified under the Modvat Scheme. Field formations and trade entities are instructed to acknowledge receipt of this directive.
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