Differnce between modvat and excise duty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 April 2013
Dear Sir,
Pls help me for tell the difference between Modvat and Excise Duty.
Pls help me for tell the difference between Modvat and Excise Duty.
23 April 2013
vat system when introduced in excise it was called modvat.
now a days vat system is in approx all the indirect taxes.
hence excise is a tax which is payable on manufacture/production of excisable goods in india.
where as modvat(basically vat)is the system according to which tax is to be paid on only value addition and not on the whole amount of good produced or sold, in this system, tax already paid can be used as credit for paying the tax liability.
now a days modvat word is not used, as after 2004 when cenvat credit introduced , vat system is prevalent since then in excise (and also in sale and service tax)
now a days vat system is in approx all the indirect taxes.
hence excise is a tax which is payable on manufacture/production of excisable goods in india.
where as modvat(basically vat)is the system according to which tax is to be paid on only value addition and not on the whole amount of good produced or sold, in this system, tax already paid can be used as credit for paying the tax liability.
now a days modvat word is not used, as after 2004 when cenvat credit introduced , vat system is prevalent since then in excise (and also in sale and service tax)
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