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. 
 

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

Hi this is praveen completed MBA with Finance and HR as specializations in 2007 im very much intrested in appearing for group exams? so I want to know when will be the next edition? ie how I need to apply for groups for the 1st time?

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