Modvat credit rules updated to reference special duty under the Finance Act, affecting notification provisions. The notification amends the Modvat credit provision by substituting clause (ii b) to refer to the special duty of excise under sub section (1) of section 67 of the Finance Act, 1990; it replaces the wording in clause (2) of the first proviso to cite that same statutory provision instead of the Finance Bill description; and it inserts an explicit reference to the Finance Act, 1990 in the third proviso alongside the existing statutory reference.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit rules updated to reference special duty under the Finance Act, affecting notification provisions.
The notification amends the Modvat credit provision by substituting clause (ii b) to refer to the special duty of excise under sub section (1) of section 67 of the Finance Act, 1990; it replaces the wording in clause (2) of the first proviso to cite that same statutory provision instead of the Finance Bill description; and it inserts an explicit reference to the Finance Act, 1990 in the third proviso alongside the existing statutory reference.
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