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cenvat means only Exise and services or any other tax also ?
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Answer Posted / kawaljeet
cenvat means central value added tax it impose on excise service tax and vat also but on central scheme .
cenvat is input tax when goods purchase from someone for producing a final product .its works as input credit when goods sale to a other person .
when goods purchase it work as
purchase a/c dr
input cenvat(excise)a/c dr
input cenvat(education cess)a/c dr
input cenvat(shec )a/c dr
to sundry creditors
when goods sold
sundry debtors a/c dr
to sale a/c
to output excise
to output education cess
to output shec
when adjustment made
output excise a/c dr
output education ac dr
output shed a/c dr
to input exicse
to input education
to input shec
to excise payable
or
excise refundable a/c dr
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