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of <h1>Modvat Rules Updated: Changes to Simultaneous Credit, Duty Adjustments, and Documentation u/rs 56A, 57A, 57E, 57G, 57H.</h1> The circular outlines modifications to the Modvat rules, specifically addressing simultaneous credit availing under Rules 56A and 57A, adjustment of duty credit under Rule 57E, amendments to Rule 57G regarding Modvat credit documentation, and transitional provisions in Rule 57H. Manufacturers using Modvat can now avail proforma credit for inputs not covered under Modvat but under Rule 56A. Adjustments to duty credit will be allowed for any input duty variation. Rule 57G mandates that Modvat credit requires prescribed duty documents, and Rule 57H clarifies credit eligibility for inputs in stock or received post-declaration, excluding those used for exempt goods.
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