MODVAT & CENVAT
This query is : Resolved
Mo.Azhar Shaikh
(Querist)
21 November 2007
1).Concept of MODVAT with example.
2).Concept of CENVAT with example.
3).Application of the above two in the practical matters.
4).Important points to be remembered while doing TAX AUDIT u/s 44AB.
2).Concept of CENVAT with example.
3).Application of the above two in the practical matters.
4).Important points to be remembered while doing TAX AUDIT u/s 44AB.
CA. Kirti S. Ganatra
(Expert)
21 November 2007
There is modvat now. Only CENVAT is now means central value added tax. Exp.
Purchase amount - 100
CENVAT (Paid to party) 10
Total 110
Next transaction sales value 200
CENVAt (Recovered from customer) 25
Then we hace to pay to govt 25-10 = 15 by next 5th date of sales made
Purchase amount - 100
CENVAT (Paid to party) 10
Total 110
Next transaction sales value 200
CENVAt (Recovered from customer) 25
Then we hace to pay to govt 25-10 = 15 by next 5th date of sales made
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