Modvat credit to be utilised for inputs actually used - In the case of aerated water - Clarification regarding

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..... nistry of Finance (Department of Revenue) Central Board of Excise Customs, New Delhi Subject : Modvat credit to be utilised for inputs actually used - In the case of aerated water - Clarification regarding. I am directed to say that doubts have been raised as to whether with the withdrawal of Modvat credit in respect of aerated water vide Notification No. 203/87-C.E. w.e.f. 1-10-198 .....

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..... covered under the Modvat Scheme. Likewise, where the manufacturer opts to clear the inputs for home consumption or export, instead of using in the manufacture of the final product, then also duty will have to be paid on these inputs as if these inputs were manufactured in his factory itself. It has been decided that the duty on unutilised inputs lying in stock as on 1-10-1987 should be recovere .....

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