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of <h1>Ministry of Finance clarifies tool kits with vehicles are not eligible for Modvat credit under Modvat Rules.</h1> The circular issued by the Ministry of Finance, Department of Revenue, clarifies that tool kits provided with vehicles are not eligible for Modvat credit under the Modvat Rules. This decision was communicated in response to a specific inquiry, indicating that such tool kits do not fall within the scope of items covered by the Modvat Scheme. The directive aims to provide clear guidance on the applicability of Modvat credit concerning tool kits supplied with vehicles.
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