Modvat credit exclusion for vehicle tool kits confirmed; such tool kits are not eligible for input credit. The circular states that a supplied tool kit is not eligible for Modvat credit under the Modvat Rules, clarifying that tool kits provided with a vehicle fall outside the scope of the Modvat Scheme and cannot be claimed as input credit.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit exclusion for vehicle tool kits confirmed; such tool kits are not eligible for input credit.
The circular states that a supplied tool kit is not eligible for Modvat credit under the Modvat Rules, clarifying that tool kits provided with a vehicle fall outside the scope of the Modvat Scheme and cannot be claimed as input credit.
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