CENVAT Meaning

This query is : Resolved 
 

(Querist) 01 May 2008

What is meant by CANVAT? What is the basic difference between VAT & CENVAT?


CA Shailesh +91 9393926464 (Expert) 01 May 2008

CENVAT stands for Central Value Added Tax

Vat is applicable for trade sales

whereas CENVAT is applicable for Manufactured goods Sales

Varsha (Querist) 01 May 2008

Hi
Thanks for answering my query
But I want detail means what is set off against CENVAT?????

Sanjeev Kumar Varshney (Expert) 01 May 2008

EXCISE DUTY & SERVICE TAX WILL BE SET OFF AGAINST THE CENVAT AVAILED ON INPUTS AND SERVICES. AS VAT CREDIT IS SET OFF AGAINST VAT PAYMENTS,CENVAT IS ADJUSTABLE AGAINST EXCISE & SERVICE TAX PAYMENTS.



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