MODVAT scheme on capital goods.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ise Rules, 1994. Briefly the provisions are that any duty paid on capital goods used for manufacture in the factory (hereinafter referred to as specified duty) shall be permitted to be utilised towards payment of excise duty leviable inter alia on the final products. But no such credit shall be allowed if the manufacturer claims depreciation u/s.32 of the Incometax Act on that part of the cost of ....