13 July 2013
i am manufacturing pvc pipes and paying exercise duty on the same. I am also assembling/manufacturing hand pumps for which pvc pipe is a raw material. Now, i am maintaining separate books of account for pvc pipes used in hand pumps and not paying duty on that as excise is exempted on hand pump and its part.(http://www.cbec.gov.in/excise/cx-act/notfns-2k6/cex0606.pdf)
13 July 2013
You can not take the cenvat credit on input used in the manufacturing of exempted goods. The books of account will be maintained separate.
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