Reversal of Modvat credit with interest required for exports under value based advance licence; compliance and reporting mandated.
Reversal of Modvat credit is mandated where exporters breached Value Based Advance Licensing Scheme conditions for exports before 31.1.97. Quantification is to follow the scheme's variables A, B, C and D and the prescribed formula. Exporters must deposit calculated interest on retained credit along with the reversed amount by 31.1.97, submit a Calculation Sheet to the Jurisdictional Assistant Commissioner for verification, and Commissioners must consolidate and forward default reports by 15.2.97. Certificates of reversal and interest payment require Assistant Commissioner attestation.

Service tax on telephone bills: collection based on bills received and book-transfer date governs crediting.
Service tax on telephone charges is to be collected on the value of taxable services shown in telephone bills received during the month, with reliance on the telecom department's financial controls for reconciliation. The date of crediting for interest and penalty purposes is the first book-transfer date in the cash section of the Secondary Switching Area; payments through designated banks must be accompanied by an Annexure A detailing amounts paid and the actual date of crediting for computation of interest and penalty.

Rounding of service tax: fractional tax on invoices must be rounded to the nearest currency unit under the clarification.
Amounts of Service Tax payable calculated on each invoice or document by advertising agencies, couriers, pagers and similar service providers shall be rounded to the nearest rupee: fractions equal to or exceeding fifty paise rounded up to the next rupee, and fractions less than fifty paise ignored.

Import regulation of plastic waste: licences required for virgin scrap meeting recycling, registration and pollution clearance conditions.
Import of plastic waste (excluding PET bottle scrap) is allowed only by licence for material defined as virgin/new plastic scrap-unused production or processing fractions recyclable without cleaning that produces effluent. Licences require applicant registration, pollution clearance from the State Pollution Control Board, capacity assessment, and compliance with the Actual User condition. Each consignment must carry a factory certificate and an importer declaration of conformity and absence of contamination; Customs will sample and send material to CIPET for testing. Misdeclaration triggers environmental or foreign trade enforcement.