30 October 2013
SIR, WE ARE MANUFACTURER OF PVC PIPES & DRIP IRRIGATION SYSTEM. WE ARE AVAILING CREDIT ON PVC PIPES.DRIP IS EXEMPTED HENCE WE ARE NOT AVAILING CREDIT.SIR,WHILE SELLING OF DRIP IRRIGATION SYSTEM WE ARE SELLING 2" PVC PIPES ALONG WITH DRIP IRRIGATION SYSTEM. MY QUERY IS THAT, CAN WE TAKE REVERSAL OF CREDIT ON 2" PVC PIPE SOLD WITH DRIP IRRIGATION SYSTEM. WHETHER SEPRATE RECORD TO BE MAINTAIN FOR 2" PIPE WHICH ARE SOLD WITH DRIP IRRIGATION PIPE. PLEASE GUIDE
30 October 2013
If you are not maintaining the separate account for taxable and exempted goods then reverse the cenvat credit on proportionate way under rule 6(3) of cenvat credit rules 2004.
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