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of <h1>Clarification on Modvat Credit Denial: No Formal Declaration Needed for Inputs in March 1986 u/r 57H.</h1> The circular addresses issues regarding the denial of Modvat credit during the transitional period under Rule 57H, due to the absence of a declaration under Rule 57G. The Board clarifies that no formal declaration was required for inputs in stock or received between March 1 and March 31, 1986, for availing Modvat credit. However, verification by the Assistant Collector is necessary before granting credit. The circular instructs field formations to rectify any demands raised contrary to this clarification and requests acknowledgment of receipt of the letter.
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