question of differentiation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2010
what is difference between VAT and MODVAT?
is it same or if difference is there then
how much extent?
Pls explain if anybody is having reply
for the same.
is it same or if difference is there then
how much extent?
Pls explain if anybody is having reply
for the same.
Aditya Maheshwari
(Expert)
08 April 2010
VAT is valued added tax and is governed by the state government and is a sales tax.
MODVAT is modified value added tax and the same has been replaced by CENVAT i. e. Central value added tax and it is governed by the Central Government. it is Cenvat which allows you to take input credit of exise duty & service tax paid on inputs used.
MODVAT is modified value added tax and the same has been replaced by CENVAT i. e. Central value added tax and it is governed by the Central Government. it is Cenvat which allows you to take input credit of exise duty & service tax paid on inputs used.
CA Ashok Kumar Sahu
(Expert)
08 April 2010
AGREED, WELL EXPLAINED
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