Modvat credit restriction: caps on input credit for specified inputs with exclusions for free trade zones and export units. The amendment limits Modvat credit for three input categories by substituting the second proviso to Notification No.177/86: (i) paper and paperboard (excluding goods from free trade zones or hundred per cent export oriented undertakings) used in manufacture in India; (ii) vegetable products under sub heading 1504.00 (with the same exclusions) used in manufacture in India; and (iii) goods from breaking up of ships, boats and other floating structures under Heading Nos. 72.15 and 73.09 (excluding goods from free trade zones or hundred per cent export oriented undertakings) used in manufacture in India - in each case credit is capped at a specified amount per tonne or the actual duty paid, whichever is less.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit restriction: caps on input credit for specified inputs with exclusions for free trade zones and export units.
The amendment limits Modvat credit for three input categories by substituting the second proviso to Notification No.177/86: (i) paper and paperboard (excluding goods from free trade zones or hundred per cent export oriented undertakings) used in manufacture in India; (ii) vegetable products under sub heading 1504.00 (with the same exclusions) used in manufacture in India; and (iii) goods from breaking up of ships, boats and other floating structures under Heading Nos. 72.15 and 73.09 (excluding goods from free trade zones or hundred per cent export oriented undertakings) used in manufacture in India - in each case credit is capped at a specified amount per tonne or the actual duty paid, whichever is less.
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