https://www.taxtmi.com/caselaws?id=98162 Opting out of the Modvat scheme on availing exemption under Notification No. 7/97 required the manufacturer to pay the amount attributable to inputs and finished goods lying in stock under Rule 57H(7). The rule allowed adjustment against available Modvat credit, and any shortfall had to be paid; it did not waive the liability because the credit balance was insufficient or make the shortfall refundable. Payment made through the PLA toward that shortfall was therefore in accordance with the rule, and the refund claim was unsustainable. en-us Tue, 14 Mar 2000 00:00:00 +0530 Thu, 19 Jan 2012 14:59:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98162 Opting out of the Modvat scheme on availing exemption under Notification No. 7/97 required the manufacturer to pay the amount attributable to inputs and finished goods lying in stock under Rule 57H(7). The rule allowed adjustment against available Modvat credit, and any shortfall had to be paid; it did not waive the liability because the credit balance was insufficient or make the shortfall refundable. Payment made through the PLA toward that shortfall was therefore in accordance with the rule, and the refund claim was unsustainable. Case-Laws Central Excise Tue, 14 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98162