Cenvat reversal: ‘Exempted’ services to cover all services exempted by notifications and non-taxable

Cenvat Credit : Expression 'exempted service' in Cenvat rule 2(e) covers taxable services but fully exempted by notification, and also non-taxable services; therefore, inter-connecting usage charges (IUC) collected by telecom service provider was to be regarded as 'exempted services', for period prior to it became taxable for first time