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of <h1>Modvat Credit Reversal Required for Inputs Destroyed Before Use, Says Board After Legal Consultation.</h1> The circular addresses the eligibility of Modvat Credit for raw materials destroyed in a fire before being used in manufacturing finished goods. The Board, after consulting the Ministry of Law, concluded that Modvat Credit is only permissible if inputs are used in manufacturing final products. Therefore, credit taken on inputs destroyed before use must be reversed. The Board has accepted this legal opinion, and pending cases should be resolved based on this clarification. Trade interests should be informed accordingly.
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