Difference between Rule 6(1) and Rule 6(3)

[RAM SHARMA]

Dear Experts,

What is the difference between Rule 6(1) and Rule 6(3) of cenvat credit rule 2004. Which rule is best for us if we are removing excisable goods and exempted services(Trading Goods) without keeping seperate record.

Thanks

AI Summary

Understanding Rule 6(1) vs. 6(3) Cenvat Credit Rules 2004: Handling Excisable Goods & Exempted Services Without Separate Records A participant inquired about the differences between Rule 6(1) and Rule 6(3) of the Cenvat Credit Rules, 2004, specifically regarding the handling of excisable goods and exempted services without separate records. Respondents explained that Rule 6(2) allows entities to either pay a percentage of the value of exempted goods and services or calculate the credit used for exempted goods and services using a formula under sub-rule 3A. They emphasized the need for individual assessment to determine the most beneficial method and suggested consulting a local expert for personalized advice.