what is cenvat credit expain it
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Answer Posted / ravindra
cenvat credit generally related to exercise where as the
calculation of cenvat credit is like vat the tax which is
paid at the time of purchase for excise goods and the tax
which need to pay at the time of sales- the tax which is
paid at the time of purchase is known as cenvat credit
while paying the tax three things will be taken in to
consideration.
"As cenvat credit which is availed from excise"
"As the cenvat credit can availed from service tax"
"He can avail either from these if he is not availed earlier"
so most of them choose which ever amount is lower that
amount they will avail as cenvat credit
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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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