Modvat credit provisionalisation permits utilisation pending correct input classification, subject to later adjustment under prescribed procedure. Where an assessee's declared input classification differs from the correct classification, the originating Collectorate must make the assessment provisional and resolve classification by inter division and inter collectorate correspondence. Duty provisionally paid may be taken as Modvat credit and utilised for duty on the final product, subject to adjustment based on the duty finally assessed under the prescribed adjustment procedure.
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 provisionalisation permits utilisation pending correct input classification, subject to later adjustment under prescribed procedure.
Where an assessee's declared input classification differs from the correct classification, the originating Collectorate must make the assessment provisional and resolve classification by inter division and inter collectorate correspondence. Duty provisionally paid may be taken as Modvat credit and utilised for duty on the final product, subject to adjustment based on the duty finally assessed under the prescribed adjustment procedure.
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