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Tax Credit

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(Querist)
02 September 2009 Dear experts,

Could you please explain what is MAT, VAT, CENVAT "CREDIT" is and how we calculate it??

Thanks in Advance
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
03 September 2009 Value Added tax = VAT (Refer Forum for more details on VAT)

CENVAT Credit is set off of duty paid on inputs with duty payable on outputs

MAT = Minimum Alterate TAx is the Tax tp be paid on the basis of book profit (Earlier) and now it is payable on net wealth

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