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What is CENVAT? |
pertain to duty given by the manufacture very goods question very goods question very goods question very goods question very goods question very goods question very goods question very goods question Background of CENVAT Cenvat (Central Value Added Tax) has its origin in the system of VAT (Value Added Tax), which is common in West European Countries. Concept of VAT was developed to avoid cascading effect of taxes. VAT was found to be a very good and transparent tax collection system, which reduces tax evasion, ensures better tax compliance and increases tax revenue. http://dateyvs.com/cenex07.htm CENVAT = Central Value Added Tax CENVAT = MODVAT = Modified Value added tax It is the deduction from duty payable by you to the government. You can take credit of CENVAT from you duty liability. basically Cenvat is Centralised value added tax it is that once the basic raw material seller sales the objects he is taxed and others in the link don't have to pay tax. So it is great idea of Indian Govenment |
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