Minutes of the Monthly Modvat meeting held at Bombay on 22-4-1989 - Point No. 14 - Utilization of total Modvat credit towards payment of basic excise duty and special excise duty
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Modvat credit flexibility: specified duty credits may be used interchangeably for payment of specified duties. Credit of specified duties taken on inputs under the MODVAT scheme may be utilised for payment of any of the specified duties on final products and need not be applied only against the duty head under which it was claimed. However, receipt of credit and its utilisation in respect of each specified duty must be accounted for separately to ensure proper revenue accounting.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Modvat credit flexibility: specified duty credits may be used interchangeably for payment of specified duties.
Credit of specified duties taken on inputs under the MODVAT scheme may be utilised for payment of any of the specified duties on final products and need not be applied only against the duty head under which it was claimed. However, receipt of credit and its utilisation in respect of each specified duty must be accounted for separately to ensure proper revenue accounting.
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