what is a cenvat? can u explain abt it?
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Answer Posted / jesu
Cenvat (Central Value Added Tax) has its origin in the
system of VAT (Value Added Tax), which is common in West
European Countries. Concept of VAT was developed to avoid
cascading effect of taxes. VAT was found to be a very good
and transparent tax collection system, which reduces tax
evasion, ensures better tax compliance and increases tax
revenue.
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