Permission to avail Modvat Credit on inputs used for export production by SSI units simultaneously availing full exemption upto 15 lacs for home consumption - Regarding
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Modvat credit refund permitted for higher notional credit on inputs used in export by small scale units. The Board clarifies that credit taken on inputs may be utilised for duty on home clearances or refunded, and there is no bar to refunding the higher notional Modvat credit taken by an SSI unit in respect of inputs used in export production; such higher notional credit is refundable in accordance with the refund provision.
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 refund permitted for higher notional credit on inputs used in export by small scale units.
The Board clarifies that credit taken on inputs may be utilised for duty on home clearances or refunded, and there is no bar to refunding the higher notional Modvat credit taken by an SSI unit in respect of inputs used in export production; such higher notional credit is refundable in accordance with the refund provision.
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