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Circular
No. 90/1/95-CX
dated 3/1/95
F.No. 267/116/94-CX-8
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise
& Customs, New Delhi
Subject:
Clarification regarding Notification No. 64/94-CE (NT) dated 7.11.1994
I am directed to invite a reference to the Board's Circular No.76/76/94
dated 8th November, 1994 and to say that the PHD Chambers of Commerce and
Industry have, with reference thereto, brought to the Board's notice the
following problems:-
(i) Modvat
is not being allowed in expect of inputs laying in stock as on 31.3.94
for which invoices have
been issued between 1.4.94 and 11.5.94 in terms of amended rule 57H.
(ii)
The period of acceptance of documents under rule 57H is being limited only
upto 31.12.94 by the
concerned Asstt. Collectors.
2. Both these
points, raised by the Chamber, have been examined in the Board. It is clarified
that the Board's Circular No. 76/76/94-CX dated 8.11.94, read with Notification
No. 64/94-CE(NT) dated 7.11.1994 was issued to enable the Asstt. collectors
to accept the specified documents which may have been issued up to 31.12.1994.
As such the Modvat Credit Against invoices issued by the specified persons
during the period 1.4.1994 and 11.5.1994 in respect of inputs lying in
stock with them as on 31.3.1994 can be regularized if otherwise permissible
in terms of Notification No. 64/94-CE(NT). The Board's Circular dated 8.11.1994
may be applied in the light of the above clarification.
3. Accordingly
as regards point (ii) it is clarified that credit under Rule 57H may be
allowed if the invoices were issued by the specified persons upto 31.12.1994.
4. Trade
and officers in field may be suitably informed. Please acknowledge receipt
of this Circular.
Sd/-
(I.P. Lal)
Deputy Secretary
to the Govt. of India