What is cenvat

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Aswath (Querist)
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30 July 2015 Hi Experts,

Can I know what is the meaning of CENVAT & EXCISE?
How to calculate Excise?
what is the meaning of material variance?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 July 2015 CENVAT is central value added tax. Central Excise and service tax is CENVAT. Central excise is a value added tax levied on manufacture of goods.
Excise is calculated on cost plus profit basis on the whole sale price charged on goods moving out of factory.
Material variance is the variance between actual material cost of direct materials and standard cost of direct materials.

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Aswath

Aswath (Querist)
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30 July 2015 thank you so much sir

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