'Amount of Central value Added Tax credits availed of or utilized during the previous year and its treatment in the profit and loss account and treatment of outstanding Modified Value Added Tax credits in the accounts.'.
08 August 2014
MODVAT is now called CENVAT from this time (revise 3cd Form).
CENVAT - It is the input credit availed by u at the time of payment of output tax. Like in Service Tax, suppose u r engaged in providing services, and u also pay Service Tax(CENVAT) for some services. And u also collect Service Tax at the time of providing services (Output Tax).
Say ur Output Tax is Rs. 10000/- And ur CENVAT is Rs. 7000/- So u have to pay the difference in amount i.e, Rs. 3000/-.