https://www.taxtmi.com/article/detailed?id=1809 Rule 6(3) requires reversal of Cenvat credit for trading by treating the "value" for sub rules (3) and (3A) as the difference between sale price and cost of goods sold (determined per generally accepted accounting principles without including purchase expenses) or ten per cent of cost of goods sold, whichever is more. Although the explicit explanatory inclusion of trading within exempted services was later deleted, the statutory mechanism for reversal in trading cases remains in Rule 6(3)D, maintaining the obligation to reverse credit attributable to trading activities. en-us Tue, 10 Jul 2012 09:06:40 +0530 Tue, 10 Jul 2012 09:06:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1809 Rule 6(3) requires reversal of Cenvat credit for trading by treating the "value" for sub rules (3) and (3A) as the difference between sale price and cost of goods sold (determined per generally accepted accounting principles without including purchase expenses) or ten per cent of cost of goods sold, whichever is more. Although the explicit explanatory inclusion of trading within exempted services was later deleted, the statutory mechanism for reversal in trading cases remains in Rule 6(3)D, maintaining the obligation to reverse credit attributable to trading activities. Articles Cenvat Credit Tue, 10 Jul 2012 09:06:40 +0530 https://www.taxtmi.com/article/detailed?id=1809