Simultaneous availment of Modvat procedure as well as full exemption - Clarification Regarding

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....ment of Modvat procedure as well as full exemption - Clarification Regarding. At present Aluminium circles of thickness 0.56mm to 2mm are fully exempted from payment of Central Excise duty under Notification No. 180/88, dated 13-5-1988. Aluminium circles of thickness 0.56mm to 2mm are chargeable to effective rate of duty of 13% and circles of thickness more than 2mm are chargeable to duty 25% fix....

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....he only requirement under Modvat rules is that the inputs on which the credit has been taken should be used in the manufacture of final products which are chargeable to Central Excise duty. The credit so taken should also be used for payment of duty on the final products for the manufacture of which the same were brought to the factory. As long as it can be proved through reasonable accounting sys....

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....ho intend to claim simultaneously Modvat Credit as well as full exemption in respect of their finished products, are required to give intimation within 24 hours regarding receipt of raw materials on which credit under rule 57A has not been claimed and which are going into the manufacture of fully exempted products, and to keep that material ready for inspection for the next 24 hours from the time ....