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What is meaning of cenvat credit please described in detail.
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Answer Posted / prahallad nayak
1.Cenvat Credit refers to taking credit of CENVAT
Charged by a manufacturer, or dealer in his sales invoice by
the purchaser of goods.
2.Because if any manufacturer purchased a material, which is duty paid, and if it is used for his further manufacturing activity, he can avail this as credit in his book based on the Central Excise Invoice. At the time of selling his manufactured goods, he is liable to pay the excise duty. He can adjust the credit which he has taken into his book and pay the rest.
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