Modvat entitlement on additional customs duty enabled; licences and imported inputs become transferable after supply obligations met. Inputs imported under Value Based Advance Intermediate Licences will attract additional customs duty, and that additional duty may be claimed as Modvat credit on any inputs used in the manufacture of iron and steel intermediates. Spares for maintenance of capital goods may be imported up to five percent of the licence value subject to actual-use conditions. Licences and imported inputs (except spares and consumables) are transferable once supply obligations are met and the licence is endorsed; supplies to engineering exporters attract normal excise duty.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Modvat entitlement on additional customs duty enabled; licences and imported inputs become transferable after supply obligations met.
Inputs imported under Value Based Advance Intermediate Licences will attract additional customs duty, and that additional duty may be claimed as Modvat credit on any inputs used in the manufacture of iron and steel intermediates. Spares for maintenance of capital goods may be imported up to five percent of the licence value subject to actual-use conditions. Licences and imported inputs (except spares and consumables) are transferable once supply obligations are met and the licence is endorsed; supplies to engineering exporters attract normal excise duty.
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