https://www.taxtmi.com/caselaws?id=82273 MODVAT credit on inputs is available only for adjustment against duty payable on the final product, and it cannot be accumulated where the finished goods are cleared without payment of duty to a 100% Export Oriented Unit. Rule 57C excludes credit where the final product is exempt from the whole of duty or bears nil rate of duty, because the scheme is intended to offset duty incidence only on dutiable clearances. The earlier ruling cited was distinguished since that case involved clearance of the finished product on payment of duty. Credit was therefore held inadmissible and the claim to accumulate input credit was rejected. en-us Thu, 26 Nov 1992 00:00:00 +0530 Mon, 04 Jul 2011 10:49:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=82273 MODVAT credit on inputs is available only for adjustment against duty payable on the final product, and it cannot be accumulated where the finished goods are cleared without payment of duty to a 100% Export Oriented Unit. Rule 57C excludes credit where the final product is exempt from the whole of duty or bears nil rate of duty, because the scheme is intended to offset duty incidence only on dutiable clearances. The earlier ruling cited was distinguished since that case involved clearance of the finished product on payment of duty. Credit was therefore held inadmissible and the claim to accumulate input credit was rejected. Case-Laws Central Excise Thu, 26 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=82273