https://www.taxtmi.com/circulars?id=5729 Reversal of Modvat credit is mandated where exporters breached Value Based Advance Licensing Scheme conditions for exports before 31.1.97. Quantification is to follow the scheme's variables A, B, C and D and the prescribed formula. Exporters must deposit calculated interest on retained credit along with the reversed amount by 31.1.97, submit a Calculation Sheet to the Jurisdictional Assistant Commissioner for verification, and Commissioners must consolidate and forward default reports by 15.2.97. Certificates of reversal and interest payment require Assistant Commissioner attestation. en-us Fri, 10 Jan 1997 00:00:00 +0530 Fri, 13 Mar 2009 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5729 Reversal of Modvat credit is mandated where exporters breached Value Based Advance Licensing Scheme conditions for exports before 31.1.97. Quantification is to follow the scheme's variables A, B, C and D and the prescribed formula. Exporters must deposit calculated interest on retained credit along with the reversed amount by 31.1.97, submit a Calculation Sheet to the Jurisdictional Assistant Commissioner for verification, and Commissioners must consolidate and forward default reports by 15.2.97. Certificates of reversal and interest payment require Assistant Commissioner attestation. Circulars Central Excise Fri, 10 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5729