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of <h1>New Circular Clarifies Modvat Credit Use u/r 57G for Input Classification Discrepancies: Provisional Assessment and Adjustments.</h1> The circular addresses the procedure for Modvat credit utilization under Rule 57G when there is a discrepancy in the classification of inputs declared by an assessee. It clarifies that if the input classification does not match the correct classification, the assessment should be made provisional by the originating Collectorate. The duty provisionally paid can be credited in RG 23A and used for final product duty payments, subject to adjustments based on the final duty assessment as per Rule 57E. Previous instructions are to be modified accordingly, and these changes should be communicated to relevant field formations and trade interests.
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