what is cenvet credit in vat.
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Answer / Uday Veer
CENVAT Credit is a concept under the Goods and Services Tax (GST) regime in India, which allows businesses to set off the tax paid on input goods and services against the output tax liability. However, CENVAT is not a term used in VAT (Value Added Tax). In VAT, input tax credit is the mechanism for businesses to recover the tax they have paid on purchases.
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