Lapse of MODVAT credit for tooth powder and toothpaste inputs; credit cannot be used for duty payment, stock credit preserved. The amendment inserts a provision that causes MODVAT/input credit in respect of inputs for manufacture of tooth powder and toothpaste to lapse and prohibits its utilisation for payment of duty on clearances for home consumption or export, while expressly preserving credit attributable to inputs lying in stock or contained in finished products in stock on the commencement date.
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.
Lapse of MODVAT credit for tooth powder and toothpaste inputs; credit cannot be used for duty payment, stock credit preserved.
The amendment inserts a provision that causes MODVAT/input credit in respect of inputs for manufacture of tooth powder and toothpaste to lapse and prohibits its utilisation for payment of duty on clearances for home consumption or export, while expressly preserving credit attributable to inputs lying in stock or contained in finished products in stock on the commencement date.
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