Modvat credit procedure applies proforma credit when GP1 is lost in transit, extending existing Rule 56A guidance to Modvat. Availability of input credit under the Modvat scheme is permitted where the original GP 1 or subsidiary GP 1 is lost or misplaced in transit by applying ... Summary
Modvat credit procedure applies proforma credit when GP1 is lost in transit, extending existing Rule 56A guidance to Modvat.
Availability of input credit under the Modvat scheme is permitted where the original GP 1 or subsidiary GP 1 is lost or misplaced in transit by applying the Board's proforma credit procedure prescribed for Rule 56A mutatis mutandis; field officers must implement the steps, trade must be informed, and receipt of the instructions acknowledged.
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