Modvat - Notional credit under Rule 57B cannot be taken at a later date than the date of taking credit of actual duty at the time of receipts of inputs

Modvat - Notional credit under Rule 57B cannot be taken at a later date than the date of taking credit of actual duty at the time of receipts of inputs https://www.taxtmi.com/circulars?id=6477 Notional credit under Modvat must be taken no later than the date when actual duty credit was taken on receipt of inputs; in the absence of a specific Modvat provision allowing deferred recognition, the Law Ministry has confirmed the Board's instruction that deferred notional credit is not permissible, and aggrieved assessees may pursue appellate remedies. en-us Wed, 18 Jul 1990 00:00:00 +0530 Fri, 03 Jul 2009 17:56:00 +0530 TaxTMI RSS Generator Modvat - Notional credit under Rule 57B cannot be taken at a later date than the date of taking credit of actual duty at the time of receipts of inputs https://www.taxtmi.com/circulars?id=6477 Notional credit under Modvat must be taken no later than the date when actual duty credit was taken on receipt of inputs; in the absence of a specific Modvat provision allowing deferred recognition, the Law Ministry has confirmed the Board's instruction that deferred notional credit is not permissible, and aggrieved assessees may pursue appellate remedies. Circulars Central Excise Wed, 18 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/circulars?id=6477