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what is cenvat credit expain it
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Answer Posted / varun gupta
cenvat credit is credit taken on input,input services and
capital goods. i.e for eg:- if any manufacturer purchased
any input for production than he has to pay to his supplier
the tax on that input, and when that maufacturer himself
make that input into finished goods and he sold that
finished goods to consumer,then he will charge the tax from
the consumer. And the amount charged by him from the
consumer will be set off from the amount which manufacturer
has paid earlier and the remaining amount left after set off
should be paid to government. this is known as cenvat credit.
In this case,
input is for produts
input services is for services recieved from service provider.
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