Set off while paying TAX
This query is : Resolved
29 June 2010
Dear All,
Kindly give some idea on Input VAT Credit and Cenvat Credit in case of VAT, Excise Duty, Service Tax.
Kindly give some idea on Input VAT Credit and Cenvat Credit in case of VAT, Excise Duty, Service Tax.
29 June 2010
When you purchase any item for further production or for the process of production and on that item if you have paid any VAT that VAT will be VAT input.
Whenever you will sale the products then you will charge VAT that will be VAT output.
Find out the difference between VAT output and VAT input, if it is positive then it will be your VAT liability and if it is negative then you can claim refund
Whenever you will sale the products then you will charge VAT that will be VAT output.
Find out the difference between VAT output and VAT input, if it is positive then it will be your VAT liability and if it is negative then you can claim refund
29 June 2010
Excise duty, customs duty, service tax paid capital goods, inputs, input services used for providing output taxable service and / or in or in relation to manufacturing of excisable goods are permitted to be taken as credit. Such a credit is known as CENVAT Credit.
The accumulated CENVAT shall be utilised towards payment of Excise duty/service tax.
The accumulated CENVAT shall be utilised towards payment of Excise duty/service tax.
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