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of <h1>New Modvat Credit Procedure: Declare C.V. Duty to Central Excise, Not on Bill of Entry, for Imported Goods.</h1> The circular addresses the procedure for availing Modvat credit on countervailing duty (C.V. duty) paid on imported goods. Importers are no longer required to declare the C.V. duty on the Bill of Entry at the time of import through Bombay Customs House. Instead, they must declare to the jurisdictional Central Excise officer that no refund of the C.V. duty has been claimed when the goods are used in the factory. The Central Excise Officer will verify with Bombay Customs House that no refund has been granted. Importers must also provide details of the user of the imported goods to facilitate tracking.
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