Admissibility of Modvat on inputs stored outside the factory premises.

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..... ide the factory premises. The Board has been receiving representations on the issue relating to availment of MODVAT credit on material which is not received directly inside the manufacturer's premises and the same is required to be stored outside the factory premises and subsequently transshipped to the manufacturer's factory. This point was also raised in the 35th Central Advisory Council in m .....

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..... itable safeguards to protect revenue interests should, of course, be taken to prevent misuse of this facility. Credit in such cases will be taken in the books of accounts only when the entire inputs covered by invoice are received inside the factory for being put to use in production. Sd/- (Mallika Arya) Under Secretary to the Govt. of India - Circular - Trade Notice - Public Notice .....

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