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

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... /28/2001-CX 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 input .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f the said rule. In fact, in terms of the Explanation -II to the said rule, if the said amount is not paid, it shall be recovered along with interest in the manner as provided in Rule 12 of Cenvat Credit Rules, 2002. Provisions of Rule 13 would also get attracted. 3. Trade and field formation may please be informed suitably. 4. Receipt of the same may please be acknowledged 5. Hindi version wil .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X