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Clarification regarding Notification No. 64/94-CE (NT) dated 7.11.1994
Circular
No. 90 dated 3rd January 1995
I
am directed to invite a reference to the Board's Circular No.76/76/94 dated 8th
November 1994 and to say that the PHD Chambers of Commerce and Industry have,
with reference thereto, brought to the Board's notice the following problems:
(i)
Modvat is not being allowed in expect of inputs laying in stock as on
31.3.94 for which invoiceshave
been issued between 1.4.94 and 11.5.94 in terms of amended rule 57H.
(ii)
The period of acceptance of documents under rule 57H is being limited
only upto 31.12.94 bythe
concerned Asstt. Collectors.
2.
Both these points, raised by the Chamber, have been examined in the
Board. It is clarified that the Board's Circular No. 76/76/94-CX dated 8.11.94,
read with Notification No. 64/94-CE (NT) dated 7.11.1994 was issued to enable
the Asstt. Collectors to accept the specified documents, which may have been
issued up to 31.12.1994. As such the Modvat Credit Against invoices issued by
the specified persons during the period 1.4.1994 and 11.5.1994 in respect of
inputs lying in stock with them as on 31.3.1994 can be regularized if otherwise
permissible in terms of Notification No. 64/94-CE (NT). The Board's Circular
dated 8.11.1994 may be applied in the light of the above clarification.
3.
Accordingly as regards point (ii) it is clarified that credit under Rule
57H may be allowed if the invoices were issued by the specified persons upto
31.12.1994.
4.
Trade and officers in field may be suitably informed. Please acknowledge
receipt of this Circular.
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