Modvat credit entitlement clarified: documentation, input use, exempt outputs, and small scale unit treatment. Clarifies conditions for Modvat credit: delegation of powers, removal of inputs on returnable gate passes with prescribed accounts, application of existing stockyard relaxations, requirement that duty documents accompany inputs (with allowance for subsequent receipt and immediate use upon ledger entry), permissibility of credit for buyer supplied inputs with endorsement, chapterwise credit accounts and declarations, exclusion of credit for exempt final products except where segregation is impossible with prior debit before removal, transitional credit rules limiting credit for inputs taxed before the scheme start, and small scale unit eligibility subject to lapsing or repayment of credits.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit entitlement clarified: documentation, input use, exempt outputs, and small scale unit treatment.
Clarifies conditions for Modvat credit: delegation of powers, removal of inputs on returnable gate passes with prescribed accounts, application of existing stockyard relaxations, requirement that duty documents accompany inputs (with allowance for subsequent receipt and immediate use upon ledger entry), permissibility of credit for buyer supplied inputs with endorsement, chapterwise credit accounts and declarations, exclusion of credit for exempt final products except where segregation is impossible with prior debit before removal, transitional credit rules limiting credit for inputs taxed before the scheme start, and small scale unit eligibility subject to lapsing or repayment of credits.
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