Monthly Modvat Meeting held at Pune on 23-6-1989 Point No. 5 regarding allowance of Modvat credit for past receipts where the demands are raised and confirmed at much later dates - Regarding

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....ts where the demands are raised and confirmed at much later dates - Regarding Circular No. 34/89 Dated 16-8-1989 [From F. No. 263/42/89-CX.8] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi Subject : Monthly Modvat Meeting held at Pune on 23-6-1989 Point No. 5 regarding allowance of Modvat credit for past receipts wh....

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....ny credit in such cases merely because the assessee could not fulfil procedural requirements. The matter has been examined by the Board. Credit of Modvat can be availed only after filing declaration under Rule 57G. When the party genuinely believes that their product is chargeable to nil rate of duty, they should get approval of such a rate by filing classification list. If Department contes....