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Regarding reversal of Modvat credit and payment of interest where exports
were effected under Value Based Advance Licence before 31.1.97 under Special
Scheme - Issue of certificate
Circular
No. 318
dated 26th June 1997
It
has been brought to the notice of the Board that certificates are not being
issued to the exporters, who have reversed the Modvat credit in terms of the
instructions and formula contained in Board's Circular No. 285/1/97-CX dated
contain such particulars which may enable the concerned Custom Houses to
expeditiously close the DEEC Book.
2.
The matter has been examined by the Board.
3.
It has decided that in cases where a manufacturer- exporter, or a
merchant-exporter whose supporting manufacturers' name is mentioned in DEEC
Book/ shipping Bills, approach the jurisdictional Assistant Commissioners of
Central Excise with particulars in the format enclosed as Annexure- A, the same
may be verified by the Assistant Commissioner with reference to the records the
exporter to ascertain its correctness in terms of the formula prescribed in the
Circular dated 10.1.97. A certificate should be issued by an officer of the rank
of Assistant Commissioner on the body of the document containing the aforesaid
particulars with initials on each of the leaf, indicating whether credit has
been correctly reversed as per the formula and interest has been fully paid.
Where reversal ia not in conformity with the Board's formula, the same can be
got determined by Cost Accountant nominated by the Chief Commissioner under
section 14A of Central Excise Act, 1944 before issue of any such certificate. In
case of part reversal or part payment of interest, the same can be brought out
clearly in such certificates.
4.
In the cases where credit is revised on actual basis, such certificates
should be issued only after verification of the records of the exporter by a
Cost Accountant nominated by the Chief Commissioner under section 14A of the
Central Excise Act, 1944.
5.
It is also clarified that where nay certificate has already been issued
to an exporter and accepted by the Customs, no fresh certificate is required to
be issued.
ANNEXURE
A
Name
& Address of the Exporter:
Central
Excise Commissionerate:
Division:
Range:
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Shipping
Bill No.
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S.
No. & Date of AR4/ AR4A covered by Shipping Bill mentioned in Col.
(1)
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Amount
of Modvat credit required to be reversed in terms of formula
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Amount
of Modvat actually reversed
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Amount
of
Interest
required to be deposited
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Amount
of interest actually deposited with particulars & date of
TR 6 Challans
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(A)
Amount
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(B)
Particulars
of entry in
RG 23A/PLA
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(C)
Date
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(1)
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(2)
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(3)
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(4)
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(5)
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(6)
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