https://www.taxtmi.com/caselaws?id=82928 When a manufacturer opts out of the Modvat Scheme and continues under an exemption notification, the credit attributable to inputs lying unutilised on the date of exit must be reversed in full. The commentary applies Rule 57C of the Central Excise Rules to state that partial reversal does not satisfy the statutory obligation where Modvat credit had already been taken on those inputs. The record illustrates a shortfall between the credit required to be reversed and the amounts actually reversed and paid, with the unpaid balance treated as recoverable. en-us Fri, 03 Sep 1993 00:00:00 +0530 Fri, 08 Jul 2011 12:23:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=82928 When a manufacturer opts out of the Modvat Scheme and continues under an exemption notification, the credit attributable to inputs lying unutilised on the date of exit must be reversed in full. The commentary applies Rule 57C of the Central Excise Rules to state that partial reversal does not satisfy the statutory obligation where Modvat credit had already been taken on those inputs. The record illustrates a shortfall between the credit required to be reversed and the amounts actually reversed and paid, with the unpaid balance treated as recoverable. Case-Laws Central Excise Fri, 03 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=82928