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Misuse of Modvat credit especially by using both original and duplicate copies of invoices, or by resorting to similar double credits against single consignment by falsification of documents by various methods - Instruction Regarding
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....duplicate copies of invoices, or by resorting to similar double credits against single consignment by falsification of documents by various methods - Instruction Regarding Circular No. 68/68/94-CX Dated 24-10-1994 [From F.No. 267/91/94-CX.8] Government of India Ministry of Finance (Department of Revenue) Central Board of Direct Taxes, New Delhi Subject : Misuse of Modvat credi....
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.... to the notice of the Board that the assessees are availing the modvat credit both on the basis of original copy and subsequently on the basis of duplicate copy resulting in taking the credit twice, or by resorting to similar double credits against single consignment by falsification of documents by various methods. 3. As per provisions of rule 57G, manufacturers are required to take the Modvat....
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....t can be availed only on the duplicate invoices issued under rule 52A or Rule 57GG and the original invoices can be used for taking credit only where the duplicate invoice is lost in transit and that too after proper scrutiny and the satisfaction of the Assistant Collector. As such taking a credit against original instead of duplicate documents should be exceptional rather than general practice. I....