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of <h1>Modvat Credit Denied for Refractories in Electric Arc Furnaces; Not Considered Eligible Inputs u/r 57A.</h1> The circular from the Central Board of Excise & Customs addresses the issue of Modvat credit eligibility for refractories used in electric arc furnaces within the steel industry. It clarifies that refractories, which serve as inner linings and become integral to the machinery, do not qualify as inputs eligible for Modvat credit under Rule 57A. This decision aligns with a previous ruling concerning the cement industry. The circular instructs relevant field formations and trade entities to be informed of this decision, and requests acknowledgment of receipt of these instructions.
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