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of <h1>Central Board of Excise & Customs: Modvat Credit Not Allowed on Endorsed Certificates from Public Sector Undertakings. Verify Existing Credits.</h1> The circular issued by the Central Board of Excise & Customs outlines instructions regarding the endorsement of certificates issued by public sector undertakings like M.M.T.C. and S.T.C. These certificates, used as duty-paying documents, were initially allowed for proforma credit and later extended to Modvat credit. However, the Board has decided that Modvat credit cannot be claimed on endorsed certificates. Such certificates must not be further endorsed to others for Modvat purposes. Any existing credits taken on such endorsements should be verified, and discrepancies addressed. Field formations are to be informed, and acknowledgment of receipt is requested.
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