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of <h1>Manufacturers can claim Modvat credit and Excise duty exemption if separate accounts for dutiable and exempt products are maintained.</h1> Manufacturers of aluminum circles and copper winding wires can simultaneously avail Modvat credit and full exemption from Central Excise duty, provided they maintain separate accounts for dutiable and exempted products from raw material to finished stage. The Modvat rules require that credit is only taken for inputs used in manufacturing products chargeable to duty. Assessees must notify authorities within 24 hours of receiving raw materials for exempted products and maintain records for verification. This policy applies to similar commodities, and trade associations are urged to inform their members and the broader trade community.
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