Cenvat credit
Dev (Article Trainee.) (613 Points)
07 September 2012
What is Cenvat credit? n how does it work with service tax? Plz explain.. in easy way..
vikash rathi
(Chartered Accountant)
(787 Points)
Replied 07 September 2012
Cenvat credit means the amount you paid as service tax for serivce used or excise on raw material purchase. it's credit is available against output Service tax or Excise payable.
E.g
You taken a service and bill amount is 100000 and S.T. is Rs. 12000 and you provide some service to other where you draw a bill on you client/customer dor rs . 110000 and S.T. on the same 13200 . then in the case you can avail 12000 as cenvat and only have to pay Rs. 1200 to Govt. (Central board of excise & Custom)
vikash rathi
(Chartered Accountant)
(787 Points)
Replied 07 September 2012
Hop it will Help you .......
Dev
(Article Trainee.)
(613 Points)
Replied 07 September 2012
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