Modvat credit calculation clarified: input-duty credit equals actual duty quantum payable under pre-notification rate for purchases from small scale sector. The quantum of Modvat credit for inputs purchased from the small scale sector must be the actual duty payable at the rate that would apply but for the small scale sector notification; existing procedural calculations in the Ministry's earlier letter remain authoritative and should be applied to yield that actual duty quantum consistent with the wholesale price inclusive of duty.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit calculation clarified: input-duty credit equals actual duty quantum payable under pre-notification rate for purchases from small scale sector.
The quantum of Modvat credit for inputs purchased from the small scale sector must be the actual duty payable at the rate that would apply but for the small scale sector notification; existing procedural calculations in the Ministry's earlier letter remain authoritative and should be applied to yield that actual duty quantum consistent with the wholesale price inclusive of duty.
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