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of <h1>Modvat Credit Not Allowed for Tool Kits with Vehicles, Recover Incorrect Credits: Central Board Clarifies u/r 57A.</h1> The circular from the Central Board of Excise and Customs addresses the issue of Modvat credit eligibility for tool kits supplied with motor vehicles. It clarifies that Modvat credit should not be allowed for these tool kits, as they are excluded as inputs under Rule 57A. The Board instructs that any incorrect credits previously granted should be recovered immediately. The circular requests acknowledgment of receipt.
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