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What is the difference between Cenvat & Modvat?

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(Querist)
08 January 2011
According to my knowledge Cenvat is modified name of Modvat. Cenvat is Central value added tax. It ia a setoff scheme of input credit.

Please tell me the actual difference?

Warm Regards,
Jyoti
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
09 January 2011 Cenvet is new name of modvat.
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CA Mohd. Ubaid

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CA Mohd. Ubaid (Expert)
09 January 2011 There is no difference between cenvat and modvat. Earlier the credit of central excise was called modvat now it is being called by cenvat.
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Jyoti

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Jyoti (Querist)
09 January 2011 Thanks Experts.

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