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what is cenvat credit expain it
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Answer Posted / gaurav sharan
To reduce the tax burden of the end user, Govt. of India introduced the MODVAT scheme which is now called CENVAT scheme. CENVAT is central value added tax which is basically an input duty relief scheme. CENVAT scheme tries to ensure that duty paid at the input stage is offset against duty payable at the final product stage and thus preventing cascading effect of duty on final products.
Purchased Raw Material (inputs) Rs.110 (Includes 10% Tax paid on it i.e. Rs.10)
Value addition: Rs.200 Total (1+2) Rs.310
Excise Duty on (3) above, Say 20% Rs. 62
If CENVAT credit is there,
Cost of Product= [110+ 200 + 20% ((110-10) + 200)] =Rs.370
If CENVAT credit is not there,
Cost of Product= [110+200+ 20% (110+200)] = Rs.372
| Is This Answer Correct ? | 3 Yes | 11 No |
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