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of <h1>Ministry of Finance Clarifies Modvat Credit Rules: No Credit for Steel Waste and Scrap Under Exemptions.</h1> The circular from the Ministry of Finance, dated August 29, 1986, addresses modifications to the Central Excise Provision for deemed credit concerning iron, steel, copper, aluminum, zinc, and lead. Specifically, it highlights exemptions for waste and scrap of iron and steel under certain headings from excise duty and additional customs duty. Despite these exemptions, some manufacturers have claimed Modvat credit for waste and scrap of steel, which is not permissible. The circular aims to clarify and rectify these misunderstandings by modifying the previous orders to ensure compliance with the stated provisions.
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