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of <h1>Modvat Credit Allowed on Tool Kits and Jack Assemblies if Included in Vehicle Assessable Value, per CBEC Circular.</h1> The circular issued by the Central Board of Excise & Customs addresses the admissibility of Modvat credit on tool kits and jack assemblies supplied with motor vehicles. It clarifies that Modvat credit is permissible if these items are included in the assessable value of the vehicles. This decision supersedes previous instructions from October 1988 and resolves a point discussed in a conference held in Calcutta in January 1989. The circular instructs that these guidelines be communicated to relevant field formations, with acknowledgment of receipt requested.
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