https://www.taxtmi.com/circulars?id=7266 Where a manufacturer elects at the start of a financial year to pay excise duty and avail of Modvat for specified goods, that election is binding for that financial year and withdrawal is not permitted until the following year. Conversely, a manufacturer who initially availed full exemption may be allowed to opt into Modvat mid-year before exhausting exemption thresholds, without reopening assessments for earlier exempt clearances. en-us Fri, 20 Jun 1986 00:00:00 +0530 Thu, 09 Jul 2009 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=7266 Where a manufacturer elects at the start of a financial year to pay excise duty and avail of Modvat for specified goods, that election is binding for that financial year and withdrawal is not permitted until the following year. Conversely, a manufacturer who initially availed full exemption may be allowed to opt into Modvat mid-year before exhausting exemption thresholds, without reopening assessments for earlier exempt clearances. Circulars Central Excise Fri, 20 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/circulars?id=7266