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what is cenvat credit expain it
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Answer Posted / shiva
CENVAT (Central Value Added Tax) credit is the the set off
of the duty paid on inputs and capital goods and also
service tax paid on input service against the Excise duty
on final products or service tax o input service.
Ex:-
1. Purchased Raw Material (inputs) Rs.110
(Includes 10% Tax paid on it i.e. Rs.10)
2. Value addition Rs.200
3. Total (1+2) Rs.310
4. Excise Duty on (3) above, Say 20% i.e Rs. 62
-----------------------
If Cenvat credit,is there,
Cost of Product= [(110-10)+200+ 20%(100+200)]=Rs.360
If Cenvat credit,is not there,
Cost of Product= [110+200+ 20%(100+200)]=Rs.372
| Is This Answer Correct ? | 383 Yes | 111 No |
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