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High percentage of Modvat credit taken on capital goods - Regarding
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....h percentage of Modvat credit taken on capital goods - Regarding I am directed to refer to Board's Circular No. 62/62/94-CX, dated 20-9-1994 wherein Board had directed that instructions may be issued to field formations to the effect that assessment of RT-12 return should be done expeditiously and that too only after verification of the duty paying documents on the capital goods. An evaluation re....
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....n three months of the submission of the said declarations to the Range Superintendent, and a copy be forwarded immediately to the Divisional Assistant Commissioners so as to take necessary action for detecting irregular credit availed if any. 4. Further, if purported Modvat credit is not Modvat credit within the scheme of Modvat credit, for example where credit is availed on goods which are neith....