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of <h1>Clarification on Cenvat Credit: Reverse 8% on Exempt Goods if No Separate Inventory Maintained u/r 6, 2002.</h1> The circular addresses the use of Cenvat/Modvat credit when common inputs are used for both dutiable and exempted products. It clarifies that under Rule 6 of the Cenvat Credit Rules, 2002, if an assessee does not maintain separate inventories and takes credit on common inputs, they must reverse 8% of the price of exempted goods. This clarification follows misconceptions regarding a previous circular, which allegedly extended beyond the rule's scope. If the required amount is not paid, it will be recovered with interest as per Rule 12, and Rule 13 provisions will also apply. The circular directs that this information be communicated to trade and field formations.
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