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CENVAT Meaning (VAT)

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This query is : Resolved



( Author )
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

( Author )
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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