TaxTMI 
TaxTMI 
CENVAT CREDIT
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....ENVAT CREDIT<br> Query (Issue) Started By: - ranjit kunar Dated:- 26-9-2014 Last Reply Date:- 28-9-2014 Central Excise<br>Got 2 Replies<br>Central Excise<br>we are a manufacturing unit. we produce bot....
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....h dutiable and exempted goods. Can we get cenvat credit??/if yes then what is the procedure Reply By Pradeep Khatri: The Reply: Dear Ranjit, Please check Rule 6 of the CENVAT credit Rules, 2004 as ....
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....amended from time to time in this regard as you would have to do one of the following * Maintain Separate books of accounts * Reverse the proportionate CENVAT credit * Pay an amount of 6% on the....
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.... value of exempted goods when removed. Regards, YAGAY and SUN (Management and Indirect Tax Consultants) Reply By Madhukar N Hiregange: The Reply: The separate books of accounts following cost acc....
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....ounting principles especially for the input services would be important. The capital goods used commonly would be eligible for 100% credit unless they are used exclusively for the manufacture of e....
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....xempted goods Otherwise follow separate records for inputs + proportionate for input services. Eligible credit x dutiable goods value/ dutiable + exempted goods. Of course if the quantum of exempted....
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.... goods is very low then reversing 6% credit may also be a good option.<br> Discussion Forum - Knowledge Sharing ....