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of <h1>Ministry of Finance clarifies no legal basis to deny Modvat credit due to delayed receipt of duty-paid goods.</h1> The circular from the Ministry of Finance, Department of Revenue, addresses the issue of denying proforma credit or Modvat to manufacturers due to delays in receiving duty-paid goods. It clarifies that there is no legal basis under Central Excise Law to deny credit solely due to time lags between the clearance of inputs and their receipt by user manufacturers. Central Excise Officers are allowed to verify the duty-paid nature of inputs but should not disallow credit if it is otherwise admissible. Field formations are instructed to comply with these guidelines, and acknowledgment of receipt of these instructions is requested.
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