Permission to avail Modvat credit on inputs used for export production by SSI units simultaneously availing full exemption up to 15 lakhs or 30 lakhs for home consumption - Regarding

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....ion up to 15 lakhs or 30 lakhs for home consumption - Regarding Circular No. 59/88 Dated 27-10-1988 [From F. No. 263/32/88-CX.8] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi. Subject : Permission to avail Modvat credit on inputs used for export production by SSI units simultaneously availing full exemption up to 1....

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....er crossing full exemption limit or the same can be refunded where such adjustment is not possible. The matter has been examined by the Board. Under Notification No. 175/86 only the clearances for home consumption are exempted. Under the aforesaid notification the assessees can either opt for Modvat and pay concessional rate of duty or they can opt to avail full exemption on clearances of goods....

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....t, However, there may be operating difficulties in case assessees want to avail full exemption on clearances for home consumption and want to avail Modvat in case of goods exported under bond or on payment of duty. With a view to sort out the difficulties of the trade in this regard, it has been decided that if the assessee agrees to maintain separate accounts right from raw material stage to the ....