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of <h1>Circular Clarifies No Retrospective Modvat Credit Claims u/r 57B, Central Excise Rules 1944; Adherence Advised.</h1> The circular issued by the Central Board of Excise & Customs addresses doubts regarding the eligibility to claim differential Modvat credit under Rule 57B of the Central Excise Rules, 1944. It clarifies that if an assessee did not claim the full eligible credit at the time of receipt of inputs, they cannot claim the differential credit at a later stage. The decision, made in consultation with the Law Ministry, emphasizes that Modvat rules do not allow for retrospective credit claims. Field formations and trade entities are advised to adhere to this clarification, and the circular responds to a query from the Collector of Central Excise, Indore.
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