What is cenvat?
This query is : Resolved
25 June 2009
CENVAT stand for central excise value added tax. Manufacturer are eligible to get credit of duty paid on inpur and capital goods used for manufactuirng activity subject to terms and condistions stipulated in excise act and rules
CMA BABU.D
(Expert)
25 June 2009
Cenvat (Central Value Added Tax).....It is a Concept of taxation which helps in avoiding the
cascading effect of taxes. Eg. Whenever a manufacturer buys
goods and pays taxes he is given a credit of the taxes and
while selling the goods he is allowed to take the credit of
the taxes which he has paid, and he is asked to pay the net
difference only avoiding the cascading effect!!!
cascading effect of taxes. Eg. Whenever a manufacturer buys
goods and pays taxes he is given a credit of the taxes and
while selling the goods he is allowed to take the credit of
the taxes which he has paid, and he is asked to pay the net
difference only avoiding the cascading effect!!!
Ankur Garg
(Expert)
25 June 2009
Agree
25 June 2009
If we are not manufacturer, we pay vat to our vendors, this vat should be considered as input VAT for us, this input VAT is CENVAT?
CA Vishvesh
(Expert)
26 June 2009
i totally agree with reply given by CMA Babu
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