https://www.taxtmi.com/circulars?id=871 Inputs imported under Value Based Advance Intermediate Licences will attract additional customs duty, and that additional duty may be claimed as Modvat credit on any inputs used in the manufacture of iron and steel intermediates. Spares for maintenance of capital goods may be imported up to five percent of the licence value subject to actual-use conditions. Licences and imported inputs (except spares and consumables) are transferable once supply obligations are met and the licence is endorsed; supplies to engineering exporters attract normal excise duty. en-us Thu, 23 Nov 1995 00:00:00 +0530 Thu, 17 Jul 2025 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=871 Inputs imported under Value Based Advance Intermediate Licences will attract additional customs duty, and that additional duty may be claimed as Modvat credit on any inputs used in the manufacture of iron and steel intermediates. Spares for maintenance of capital goods may be imported up to five percent of the licence value subject to actual-use conditions. Licences and imported inputs (except spares and consumables) are transferable once supply obligations are met and the licence is endorsed; supplies to engineering exporters attract normal excise duty. Circulars Customs Thu, 23 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/circulars?id=871