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What is meaning of cenvat credit please described in detail.
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Answer Posted / rishi pal
Cenvat is based on destination principle i.e. excise
duty/service tax is paid only when goods are consumed. Till
then, burden of duty gets passed on to the next
buyer/customer In case of sales tax, as per this principle,
sales tax is payable in the State in which goods are
consumed and not in the State in which goods are produced
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