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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Accounting General interview questions  Accounting General Interview Questions (2833)
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Question
WHAT IS MEANING OF CENVAT CREDIT PLEASE DESCRIBED IN DETAIL.
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Cenvat Credit refers to availing (taking) credit of CENVAT
Charged by a manufacturer, or dealer in his sales invoice by
the purchaser of goods.

The purchaser of goods is entitled to adjust the Cenvat in
his purchase bills against the Cenvat charged in his Sales
Invoices as per the Provisions of Central Excise Act, in India.

Please refer both Central Excise & Service Tax Acts for more
information ; Availing & utilisation of Cenvat credits as
these are related.
 
Is This Answer Correct ?    47 Yes 11 No
H.r. Sreepada Bhagi
 
Answer
# 2
CENVAT credit means excise duty and service tax paid on inputs(like raw material,fuel etc.)for manufacturing of goods is deducted from the excise duty payable on the goods manufactured.. 
Is This Answer Correct ?    22 Yes 3 No
Prasad
 
 
 
Answer
# 3
The Cenvat scheme is principally based on system of
granting credit of duty paid on inputs and input services.
A manufacturer or service provider has to pay excise duty
and service tax as per normal procedure on the basis
of ‘Assessable Value’ (which is mainly based on selling
price). However, he gets credit of duty paid on inputs and
service tax paid on input services. Thus, he actually pays
amount equal to duty/service tax as shown in invoice less
the Cenvat credit available to him.
 
Is This Answer Correct ?    20 Yes 10 No
Vijay
 
Answer
# 4
Cenvat credit is a scheme where the manufactures or the
output services provides are allowed a set off of the taxes
paid on the inputs or the inputs services that are used
while Manufacturing the final products or providing the
output services
 
Is This Answer Correct ?    4 Yes 1 No
Aditya Kumar Saw
 
Answer
# 5
Cenvat is based on destination principle i.e. excise
duty/service tax is paid only when goods are consumed. Till
then, burden of duty gets passed on to the next
buyer/customer In case of sales tax, as per this principle,
sales tax is payable in the State in which goods are
consumed and not in the State in which goods are produced
 
Is This Answer Correct ?    5 Yes 6 No
Rishi Pal
 
Answer
# 6
cenvat credit as well as service tax is paid on the products
manufactured and services provided. the tax paid on inputs,
raw materials, capital goods and input services- utilized in
manufacture of final products of a manufacturer and services
provided are allowed to be deducted/ allowed as credit
against the central excise/ service tax liability of a
manufacturer/ service provided. the scheme was introduced
for avoiding multi level taxation on same product or
service, also called cascading effect.
As regards exports, central excise duty is nil. duty
drawback is paid by govt. to exporters.
 
Is This Answer Correct ?    8 Yes 11 No
Saroja.m
 
Answer
# 7
CENVAT Means Central Excise Notry value added tax 
Is This Answer Correct ?    9 Yes 28 No
Mohan Raj
 
Answer
# 8
cenvatis central value added tax.which is introduce in 1995
and implement on 2005. The government collect vat and
credited to central governement.
 
Is This Answer Correct ?    22 Yes 55 No
Jaymala
 

 
 
 
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