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of <h1>Central Government amends rule 57A, removes Modvat credit cap on ship-breaking inputs for specified duties.</h1> The Central Government, exercising its powers under rule 57A of the Central Excise Rules, 1944, has amended the notification No. 5/94-Central Excises (N.T.) dated March 1, 1994. The amendment involves the deletion of a clause in the fourth proviso related to Modvat credit for inputs obtained from ship-breaking. Specifically, the clause concerning the credit of specified duty paid on goods under heading Nos. 72.30 and 73.27, which limited the credit to Rs. 920 per tonne or the actual duty paid, whichever was less, has been removed.
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