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of <h1>Modvat Credit Clarified: Use Only for Intended Products; Classify Parts Under Correct Tariff Heading for Credit Use.</h1> The circular from the Central Board of Excise and Customs addresses two issues regarding Modvat credit. Firstly, it clarifies that Modvat credit taken on parts intended for Black & White TVs cannot be used for paying duty on color TVs, as the credit must be applied to the final products for which the inputs were intended. Secondly, for parts under customs heading 98.06, Modvat credit can be utilized by classifying them under an appropriate heading of the Central Excise Tariff before assessing the Bill of Entry. These instructions are to be communicated to relevant field formations.
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