Minutes of the Monthly MODVAT meeting held on 6-2-1989 and 8-3-1989 at Delhi - Point No. 15 - Regarding Modvat problem concerning pharmaceutical products

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....cts Circular No. 27/89 Dated 30-6-1989 [From F. No. 263/22/89-CX.8] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi Subject : Minutes of the Monthly MODVAT meeting held on 6-2-1989 and 8-3-1989 at Delhi - Point No. 15 - Regarding Modvat problem concerning pharmaceutical products. I am directed to invite your atten....

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....o need to amend Rule 57C as the language thereof is clear enough.   Field formation and trade interest may be suitably informed. Therefore cases, if any, pending on this account may be settled accordingly. Receipt of this letter may please be acknowledged. COPY Subject : Rule 57C of the Central Excise Rules reads as follows : "Rule 57C. - Credit of duty not to be allowed ....

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....t since the same credit was taken prior to 29-2-1989 when the final product was dutiable. They have contended that there is no one to one co-relation of input and output under the Modvat scheme for utilisation of credit and, therefore, there should be no bar in providing them the said credit. 4. The Dept. of Revenue are of the view that credit of duty taken on inputs which are in stock on the d....