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of <h1>Manufacturers Can Exit Modvat Scheme Within Financial Year; Must Include Modvat Clearances for Notification No. 175/86-C.E.</h1> The 30th Meeting of the Customs and Central Excise Advisory Council addressed the issue of allowing manufacturers to opt out of the Modvat Scheme during the financial year. The Central Board of Excise and Customs has decided that manufacturers can exit the Modvat Scheme within the same financial year. However, when calculating the aggregate value of clearances for Notification No. 175/86-C.E., dated March 1, 1986, clearances under Modvat must be included. These instructions should be communicated to relevant field formations and trade interests, and acknowledgment of receipt is requested.
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