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of <h1>Central Government Amends Excise Rules to Facilitate Modvat Credit for Multi-Locational Composite Mills and Independent Texturisers.</h1> The Central Government has amended three notifications under the Central Excise Rules, 1944, specifically Notification Nos. 5/94-C.E. (N.T.), 24/94-C.E. (N.T.), and 29/96-C.E. (N.T.), to facilitate Modvat credit. For Notification No. 5/94, credit is allowed for inputs received by multi-locational composite mills and independent texturisers. Notification No. 24/94 introduces a similar provision for multi-locational composite mills. Notification No. 29/96 permits deemed credit for specified duty on cotton and other products, with specific conditions for multi-locational composite mills regarding stock as of June 2, 1998.
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