Availment of Cenvat/Modvat credit when common inputs are used for both dutiable and exempted products- Board’s circular No.591/28/2001-CX dated 16.10.2001

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....X dated 16.10.2001 Sir, I am directed to refer to Board's circular No.591/28/2001-CX dated 16.10.2001 on the above subject. Consequent to issuance of the circular, certain references were received from field formations to say that the said circular has gone beyond the scope of the rule and that an option has been given to the assessee to reverse the actual credit contained in inputs or pay 8 per....