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Availment to credit on inputs used exclusively for the manufacture of exempted finished goods
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....availment of credit on inputs falling under chapter-28 and 29 used exclusively for the manufacture of exempted goods by certain assesses manufacturing finished goods falling under chapter-30 of Schedule to Central Excise Tariff Act, 1985. It has been reported that these assesses are subsequently reversing an amount @ 8% of the price of the exempted goods under clause (b) of sub-rule (3) of rule 6 ....
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....res a manufacturer to pay an amount equal to 8% of the total price of the exempted goods excluding Sales tax and other taxes as paid. Thus, it is clear that the option to maintain the separate accounts or payment of 8% of the price of the exempted goods can be exercised only in respect of common inputs used for the manufacture of dutiable and exempted goods. Where any inputs are clearly identifiab....