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What is meaning of cenvat credit please described in detail.
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Answer Posted / umesh rajput
<b>CENVAT</b>
Before I am going to explain what is cenvat, you have to under stand the Indian tax Central Excise Duty (BED). It is called as basic excise duty. Every manufacturer is liable to pay the excise duty in various kinds namely Basic Excise Duty, Special Excise Duty, Additional Excise Duty etc.,
Just think over a product which is reached to a end user, how many manufacturing activities are done. So to reduce the tax burden of the end user, the Govt. of India introduce the MODVAT scheme which is now called CENVAT scheme.
Based on this, if any manufacturer purchased a material, which is duty paid, and if it is used for his further manufacturing activity, he can avail this as credit in his book based on the Central Excise Invoice. At the time of selling his manufactured goods, he is liable to pay the excise duty. He can adjust the credit which he has taken into his book and pay the rest.
For example:
CENVAT availed at the time purchased various goods Rs.20,000 (EXcise duty alone)
CENVAT payable for his product at the time sales Rs.25,000
He will pay only Rs.5000 through cash deposit in PLA.
This customizing are in SAP CIN Module. If you are having the CIN CD, go through.
<b>RG23D:</b>
It is register for depot transcations.
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