My queiry relateds to cenvat credit. i have described the cases.. i have a common tank for Furnace oil and it is used for both excisable & non excisable goods manufacturing.. Wheather, i can avail the CENVAT credit used on excisable goods which is supplied from the common tank of furnace oil?? Please do needful in this matter..
19 May 2011
As per Rule 6 of the cenvat credit rules you can avail the credit of the duty paid goods if you are maintaining seperate inventory of both dutiable and exempted goods manufactured. If yoy are not maintaining seperate inventory then you can out for the options given under Rule 6(3) of the cenvat credit rule. Pay 5% of the duty on the exempted goods and utilise the credit on the inputs.
CAclubindia
