Hi Suresh,
Excise is derived from the Latin word "Excisum / Excidere which means to cut out"
Excise duty is a duty levied upon goods manufactured and not upon sales or the proceeds of the sale of goods. It is attracted by the event of Manufacture but collected at some convenient stage which may be after the said event, which is only for administrative convenience.
Excise duty has been renamed as Central Value Added Tax ( CENVAT). CENVAT includes "duty", "duty of excise" or "duties of excise"
I hope now it is clear to you. ( Both are one and same thing)
Thanks & Regards
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