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What is meaning of cenvat credit please described in detail.
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Answer / rishi pal
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 ? | 13 Yes | 14 No |
Answer / nilesh
I am well aware of credit cenvat..Please dont bore yourself with this
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / kannappan dr
By availing Cenvat Credit one can reduce his burden in paying tax for out put services,He can avail it from his already paid tax for input services paid directly or indirectly by him.At the time of paying tax for out service he can reduce the cenvat credit. Hence he can save the money
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / deepika
The powers conferred on the central government. CENVAT was initially introduced as MODVAT in the year 1986 whereby the manufacturers could avail credit of duty paid on inputs used in or in relation to manufacture of the final product for being set off against the duty payable on the final products. Later it was extended to capital goods also. Actually CENVAT credit means duties of excise duty on inputs /capital goods and service tax paid on input services can be adjusted against a manufacturer's excise duty liability or a service provider's service tax liability
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / mohan raj
CENVAT Means Central Excise Notry value added tax
| Is This Answer Correct ? | 21 Yes | 46 No |
Answer / jaymala
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 ? | 28 Yes | 68 No |
sir i want know how to fill vat return
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Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
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