https://www.taxtmi.com/caselaws?id=446140 Trading was treated as an exempted service for CENVAT credit reversal purposes, because the later explanation in the Rules was viewed as clarificatory and trading had always fallen outside taxable service for rule 6. Accordingly, common input service credit relatable to trading was disallowable. For computation, however, the reversal had to be based on the trading margin, that is, the difference between purchase price and sale price, rather than the gross sale value of traded goods. The existing computation was not verified on that basis, so the matter was remanded for recomputation and adjustment of any shortfall after verification. en-us Wed, 22 Nov 2023 00:00:00 +0530 Mon, 27 Nov 2023 07:14:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446140 Trading was treated as an exempted service for CENVAT credit reversal purposes, because the later explanation in the Rules was viewed as clarificatory and trading had always fallen outside taxable service for rule 6. Accordingly, common input service credit relatable to trading was disallowable. For computation, however, the reversal had to be based on the trading margin, that is, the difference between purchase price and sale price, rather than the gross sale value of traded goods. The existing computation was not verified on that basis, so the matter was remanded for recomputation and adjustment of any shortfall after verification. Case-Laws Central Excise Wed, 22 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446140