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of <h1>Valuation of Truck Chassis-Mounted Drilling Rigs Must Include All Components for Excise; Modvat Credit Applicable.</h1> The circular addresses the valuation of truck chassis-mounted drilling rigs for excise purposes. It clarifies that the assessable value must include the cost of all components, including the truck chassis, regardless of ownership by the customer or manufacturer. The Board has determined that the chassis and other components are integral parts of the drilling rig, already attached at the time of factory removal. Manufacturers can claim credit for duty paid on these components under the Modvat scheme, if applicable. The circular instructs field formations to adhere to these guidelines and requests acknowledgment of receipt.
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