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

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..... Government of India Ministry 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 association .....

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..... anufacturer factorywise. Under the existing 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 manufac .....

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..... tion and consequently cannot exceed the balance 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 t .....

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