Reversal of cenvat credit taken on input & input service

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 April 2013 Is CENVAT credit taken on Input & Input Service used in manufacture and sale of goods to government companies at NIL rate of excise duty needs to be reversed?

Gorav Kumar Goyal

Gorav Kumar Goyal (Expert)
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19 April 2013 if you are manufacturing and selling goods which are exempted then you have two options;-
either maintain separate books of accounts for exempted and dutaible ggods

or pay specified rate of excise/service tax on exempted goods/services.

You can manipulate law as per your own convenience.

Thanks,
CA. Gorav Kumar Goyal
G K Goyal & Associates
9910357301