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modvat

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(Querist)
30 July 2009 what is a modvat?
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
30 July 2009 Modvat Stands for Modified Value Added Tax.

To put it simply, it was the scheme of allowing credit of excise duty paid on inputs and capital goods and its utilisation to discharge the excise duty payable on final product.

It is the earlier version of present day Cenvat.

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