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of <h1>Govt Amends Excise Notification: Allows Monthly Modvat Credit Refunds for Exporters with 70%+ Dutiable Goods Clearance</h1> The Central Government has amended Notification No. 85/87-Central Excises, dated March 1, 1987, regarding the refund of Modvat credit on inputs used in goods exported under bond. The amendment, effective from December 27, 1995, allows claims for refunds to be made monthly if the average export clearances of dutiable goods are 70% or more of the total clearances in the preceding three months. Changes include substituting 'quarter' with 'quarter or month' in relevant sections and updating specific references in Form A. These adjustments aim to facilitate more frequent refund claims for eligible exporters.
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