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of <h1>Modvat Credit Only for Declared Inputs: No Retrospective Amendments Allowed, Prospective Changes Permitted u/r 57G.</h1> The circular addresses issues related to availing Modvat credit when declarations are incomplete. It clarifies that Modvat credit can only be claimed for inputs specified in the original declaration under Rule 57G. Retrospective amendments to include previously undeclared inputs are not allowed. However, declarations can be amended prospectively, allowing for Modvat credit on inputs received after the revised declaration is submitted and acknowledged. This ensures that only inputs explicitly declared are eligible for credit, maintaining compliance with Modvat rules.
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