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Reversal of Modvat Credit by Exporters

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..... by Exporters. I am directed to refer to the minutes of the Principal Collectors Conference under para 3 of the DEEC scheme circulated vide Board's letter F. No. 267/9/95-CX.8, dated 13-2-1995 . 2. Some doubts have been raised whether the expression "the exporters can be permitted to reverse the credit taken in respect of inputs used in the exported finished product with reference to the actua .....

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..... tions do not mean that Department in such cases is prohibited from taking any other action that is mandated under the law. 5. A separate record of reversal of Modvat credit in such cases made by exporters should be kept. 6. Further instructions in this regard will be issued by the Customs wing of the C.B.E.C. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Manag .....

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