VAT Credit

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Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2011 Hello dear!

can VAT Credit is adjustable with Service Tax payable.
please tall me.......

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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19 July 2011 No. VAT is not eligible for set-off against service tax and vice-versa is also not allowed.

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2011 CENVAT Credit?

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Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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19 July 2011 Yes. CENVAT credit is allowable for set-off against service tax liability and vice-versa is also allowed. However, this is subject to various CENVAT Credit Rules as applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2011 Thanks

you can tall me point 2 point difference between CENVAT and VAT

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 July 2011 CENVAT is Central VAT which contains Excise,Service tax and administrated by Centra Govt.

VAT -Value added tax which comes under Sales tax in State Govt.

But basically both are value added scheme only. but you can set off VAT with Service tax & CENVAT with Sales tax