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of <h1>Supreme Court Ruling: No Modvat Credit Adjustment for Duty Paid Pre-March 1986 u/r 56A for Laminates Manufacturer.</h1> The circular addresses the adjustment of credit for duty paid before March 1, 1986. A manufacturer of laminates, using paper as a key raw material, initially availed proforma credit under rule 56A. Following a Supreme Court judgment, the paper supplier paid differential duty post-March 1986. The laminate manufacturer, having switched to the Modvat procedure, sought to increase Modvat credit based on this differential duty. However, the Board concluded that since the original credit was under rule 56A, adjustments under the Modvat scheme were not permissible. The Board advises reviewing similar cases to recover any excess Modvat credit taken.
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