https://www.taxtmi.com/circulars?id=7265 The amendment clarifies that waste and scrap of iron and steel (Heading 72.03) and ship breaking scrap (Heading 72.15), which have been exempted to nil excise duty, do not qualify for Modvat input credit; it affirms that no Modvat credit shall be available in respect of such nil rated exempt scrap and directs revenue and manufacturers to apply the deemed credit order accordingly. en-us Fri, 29 Aug 1986 00:00:00 +0530 Thu, 09 Jul 2009 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=7265 The amendment clarifies that waste and scrap of iron and steel (Heading 72.03) and ship breaking scrap (Heading 72.15), which have been exempted to nil excise duty, do not qualify for Modvat input credit; it affirms that no Modvat credit shall be available in respect of such nil rated exempt scrap and directs revenue and manufacturers to apply the deemed credit order accordingly. Circulars Central Excise Fri, 29 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/circulars?id=7265