cenvat means only Exise and services or any other tax also ?
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Answer / nawiz
Yes it is applicable to excise, service and vat also.
Cenvat credit means setting off the input tax paid against the output tax payable by him.
Is This Answer Correct ? | 24 Yes | 2 No |
Answer / kawaljeet
cenvat means central value added tax it impose on excise service tax and vat also but on central scheme .
cenvat is input tax when goods purchase from someone for producing a final product .its works as input credit when goods sale to a other person .
when goods purchase it work as
purchase a/c dr
input cenvat(excise)a/c dr
input cenvat(education cess)a/c dr
input cenvat(shec )a/c dr
to sundry creditors
when goods sold
sundry debtors a/c dr
to sale a/c
to output excise
to output education cess
to output shec
when adjustment made
output excise a/c dr
output education ac dr
output shed a/c dr
to input exicse
to input education
to input shec
to excise payable
or
excise refundable a/c dr
Is This Answer Correct ? | 0 Yes | 1 No |
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