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CENVAT Meaning

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Varsha (Querist)
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01 May 2008 What is meant by CANVAT? What is the basic difference between VAT & CENVAT?

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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01 May 2008 CENVAT stands for Central Value Added Tax

Vat is applicable for trade sales

whereas CENVAT is applicable for Manufactured goods Sales

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Varsha (Querist)
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01 May 2008 Hi
Thanks for answering my query
But I want detail means what is set off against CENVAT?????

Sanjeev Kumar Varshney

Sanjeev Kumar Varshney (Expert)
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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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