Opting out of Modvat allowed mid year, but Modvat clearances must be included when calculating aggregate clearances. Manufacturers may opt out of the Modvat scheme during the same financial year; however, for computing the aggregate value of clearances under the applicable excise notification, values of clearances effected under Modvat in that financial year must be included. Field formations are to notify trade and acknowledge receipt of the instruction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Opting out of Modvat allowed mid year, but Modvat clearances must be included when calculating aggregate clearances.
Manufacturers may opt out of the Modvat scheme during the same financial year; however, for computing the aggregate value of clearances under the applicable excise notification, values of clearances effected under Modvat in that financial year must be included. Field formations are to notify trade and acknowledge receipt of the instruction.
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