Point No.17 of the 30th Meeting of Customs and Central Excise Advisory Council regarding permission for opting out of Modvat Scheme at any time - Central Excise - 23/88-CX.8

Point No.17 of the 30th Meeting of Customs and Central Excise Advisory Council regarding permission for opting out of Modvat Scheme at any time Circular No. 23/88-CX.8 Dated 10-6-1988 [From F. No. 263/26/87-CX.8] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise and Customs, New Delhi Subject : Point No.17 of the 30th Meeting of Customs and Central Excise Advisory Council regarding permission for opting out of Modvat Scheme at any time. I am directed to invite your attention to point No.17 of the 30th Meeting of the Customs Central Excise Advisory Council held on 30-10-1987 wherein it was decided that the matter regarding opting out of Modvat during the middle of the financial year, would be further examined. The matter has since been examined by the Board. It has been decided that a manufacturer may be permitted to opt out of Modvat in the same financial year. However for purposes of computing the aggregate value of clearances made under Notification No. 175/86-C.E., dated 1-3-1986 during the said financial year, the value of clearances effected under Modvat should also be included for determining the aggregate value of clearances. The above instructions may be brought to the notice of the field formations. Trade interests may also be suitably informed. Receipt of this letter may be acknowledged.