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of <h1>Manufacturers Can Withdraw from Modvat Scheme for Full Exemption if No Credits Used or Duty Paid.</h1> The circular from the Ministry of Finance addresses the option and withdrawal from the Modvat scheme. Initially, manufacturers who opted for the Modvat scheme were not allowed to withdraw during the financial year. However, it has been decided that manufacturers who declared their intention to use Modvat but did not utilize any Modvat credits or pay duty on inputs may be permitted to opt for full exemption under the small-scale exemption scheme within the same financial year. This decision applies to both current and past cases. Acknowledgment of receipt of this communication is requested, and a Hindi version will be provided later.
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