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of <h1>Modvat Credit Rules: Duty Rate or Amount Omission Allowed, But Not Both, on GP-1 Form per Rule 173G(2)(ii).</h1> The circular addresses the issue of granting Modvat credit based on a gate pass that does not specify the duty amount paid. The Central Board of Excise and Customs has decided that under Rule 173G(2)(ii), relaxations should only allow omission of either the duty rate or the duty amount, but not both, on the GP-1 form. This decision aims to resolve difficulties faced by assessees and ensure proper credit allocation. The circular instructs that these guidelines be communicated to relevant field formations and acknowledges the closure of a related correspondence from the Collector of Central Excise, Bombay-II.
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