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VAT

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(Querist)
10 September 2010 What is the difference between cenvat and vat.I want indepth explanation with examples
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
10 September 2010 VAT is Vaule Added TAX : vat is a cosumption based tax, designed to avoid cascading effects of taxes, VAT works on system of giving tax credit on inputs, this credit can be utilised for payment of output tax payable

CENVAT: Central value added tax this is derived from the VAT concept only,

The VAT - is name under state VAT Act such is Sales tax

Cenvat is name uner the central Govt Taxes like Exicse,service tax, customs
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