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of <h1>New Modvat Rules: 12% Deemed Duty Credit for Hot Re-Rolled Non-Alloy Steel, Effective September 1997</h1> The Central Government, under the Central Excise Rules, 1944, has issued a notification effective September 1, 1997, regarding the credit of duty under Modvat for iron and steel products. It specifies that hot re-rolled products of non-alloy steel, upon which excise duty has been paid, are eligible for deemed duty credit at 12% of the invoice price. This credit can be used for excise duty on final products, with specific conditions for exports and refunds. The notification applies only to inputs received directly from the manufacturer with correctly declared invoice prices.
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