What is difference between VAT and CENVAT?
VAT vs. CENVAT
(Guest)
2 Replies
(Guest)
VAT stands for Value Added Tax and it is levied by State Govt. on sale of goods. It is goverened by State Level VAT / Sales Tax acts
CENVAT stands for Central Value Added Tax. Actually 'Duties of Excise' are called as CENVAT :: It is tax on manufacturing or production of goods as described under The Central Excise Act, 1944. CENVAT is a central level tax and also other legislations like CENVAT credit rules, 2004 administres CENVAT.
With Regards,
Kunal Agrawal
kunalagrawal @ aol.in
Pothuganty sudheer
(Consultant, C.A, C.S)
(411 Points)
Replied 03 March 2011
Perfect reply by Kunal. Adding to that, both have been promulgmated for reducing cascading effect of
taxation.
Wish you all the best for your future endeavours manish and i wish that all your aspirations come true.
With best regards,
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