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TMI BlogModvat scheme - Certain clarification - RegardingX X X X Extracts X X X X X X X X Extracts X X X X ..... e brought to the notice of the Board. 2. Delegations of powers of Collectors :- All Collectors are requested to delegate to the Assistant Collectors their various powers relating to the Modvat scheme. 3. Removal of inputs under Rule 57F :- The permission for removal of inputs may be granted by a general order for each individual manufacturer. The inputs may be removed on returnable Gate Passes and accounts may be maintained as at present under the provisions available under Rule 56A for such removal. The Directorate of Inspection is being asked to carry out a study and prescribe forms and accounts fort this purpose. Further instructions may be awaited. 4. Kindly acknowledge receipt of this letter. MODVAT CLARIFICATIONS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... buyer. Such credit is permissible provided the entire raw material (inputs) covered under the gate pass is transferred to the manufacturer availing of Modvat relief and provided that the person in whose name the gate pass is made makes a suitable endorsement on the reverse of the gate pass. 4. Method of maintaining accounts. The declaration to be filed under Rule 57G may be filed for the final products chapter- wise, indicating the various inputs to be used in the final products. 2. Regarding stock accounts while all receipts have to be entered in the prescribed account, manufacturers may be permitted to continue to have their own stock accounts for the inputs. Depending upon the number of inputs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether a small scale unit who has availed of full exemption up to Rs. 15 lakhs (or Rs. 30 lakhs) can avail of Modvat in respect of specified goods on which duty is paid? Whether a manufacturer (especially small scale unit) avialing of Modvat relief can be allowed to opt-out of the scheme? There is no bar for a small scale unit to avail of Modvat relief in respect of clearances after crossing the full exemption limit. Similarly a small scale unit who has been paying excise duty at the end of a financial year and who has been availing of Modvat may be allowed to enjory full exemption limit upto the permissible limits in respect of the first clearances in a subsequent financial year subject to the conditions :- (i) that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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