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what is cenvat credit expain it
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Answer Posted / debendra bagar,,rajgangpur
The full form of CENVAT IS (CENTRAL VALUE ADDED TAX) And it
means when we purchase any thing and pays the input tax on it
after processing or after addition the value on it, we sale at
desire sale price and we pays the output tax.at this time if
we have the cenvat credit the credit of input tax can be
avail.means the tax which we have already given as input tax
that tax wil not be given again with including out put
tax..so the NET TAX payable is (OUTPUT TAX-INPUT TAX)..OR TAX
ON ONLLY VALUE ADDED,,,,
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