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what is cenvat credit expain it
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Answer Posted / raminder dhiman
In Simple words,
Cenvat Credit is a scheme introduced by the government to
avoid the Cascading effect.
In other words, when raw material is produced and duty is
paid to the seller of raw material, the purchaser books the
amount of excise duty in his books as credit. Later on
when finished goods are removed and excise duty is paid on
removal, the credit booked earlier is deducted from the
excise duty paid on the final product. This eliminates the
cascading effect.
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