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Reversal of Modvat Credit

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Court :

Brief :
Whether the reversal of Modvat credit can be treated as non-availment of credit.

Citation :
Union of India Vs. Hello Minerals Water (P) Ltd.

Notification no.15/94-C.E.dated 01.03.94 exempts certain final products of chapter 39 from payment of excise duty only if credit is not taken on inputs used for manufacturing final products.The court held that reversal of Modvat credit amounts to non availment of credit on inputs but reversal should be done to claim the benefit of notification and time of reversal is irrelevant.
 

Rahul Tibrewal
on 16 February 2008
Published in Excise
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