Transfer of unutilised Modvat Credit in case of merger/amalgamation of a Company with another Company - Clarification reg.

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..... istry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi Subject : Transfer of unutilised Modvat Credit in case of merger/amalgamation of a Company with another Company - Clarification reg. During the recent Customs and Central Excise Advisory Council Meeting held on 07-11-1992, it was represented by various trade associations that at present there was no specific .....

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..... ng Rules transfer of unutilised credit lying in RG-23A, Part-II is permissible under the following conditions/circumstances :- (i) Under Rule 57F (6) on an application made by a manufacturer, who has shifted his plant or factory to another site, the Collector can permit the manufacturer to transfer the unutilised credit to such factory of the same manufacturer. (ii) Under Rule 57 H, credit of du .....

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..... nce available in the RG 23A. This is to ensure that the assessee does not avail of the same input credit more than once. Any excess credit lying in the RG 23A of Factory A, the credit beyond what is specified above, would lapse and would not be admissible for transfer. 4. Trade and Field formations may please be informed accordingly. 5. Receipts of this Circular may please be acknowledged.
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