Reversal of CENVAT credit: proposed deeming of non excisable goods as exempted to enable credit reversal mechanisms. The rules currently treat non excisable goods as outside the definition of exempted goods and therefore raw materials, consumables and services used for manufacture of non excisable goods do not qualify as inputs or input services, are not eligible as CENVAT credit, and are not subject to reversal under rule 6; an amendment deeming non excisable goods to be exempted is proposed to bring such inputs and services within rule 6 reversal mechanics.
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Reversal of CENVAT credit: proposed deeming of non excisable goods as exempted to enable credit reversal mechanisms.
The rules currently treat non excisable goods as outside the definition of exempted goods and therefore raw materials, consumables and services used for manufacture of non excisable goods do not qualify as inputs or input services, are not eligible as CENVAT credit, and are not subject to reversal under rule 6; an amendment deeming non excisable goods to be exempted is proposed to bring such inputs and services within rule 6 reversal mechanics.
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