Option to avail Modvat Credit on exemption - Notification regarding - Central Excise - 26/90-CX.8

Option to avail Modvat Credit on exemption - Notification regarding Circular No. 26/90-CX.8 Dated 17-4-1990 [From F.No. 267/16/88-CX.8] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise Customs New Delhi Subject : Option to avail Modvat Credit on exemption - Notification regarding I am directed to refer to Board's letter of even number dated 15-2-1988 regarding option of the assessee either to avail the full exemption available or to pay the duty leviable on the goods manufactured by him. Doubts have been expressed with regard to the legality of the instructions and its misuse by the assessees. The matter has been re-examined in consultation with the Law Ministry. It has since been confirmed that Board's instructions are correct and require no review. This disposes of CCE Bombay II's Letter No.V-T.lGen(8)2/88 dated 15-3-1988. Receipt of this letter may please be acknowledged.