Please explain in detail about vat & cenvat ,cenvat of service tax
From India, Mumbai
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From India, Mumbai
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VAT means Value Added Tax.
VAT is applicable for manufacturing items like raw materials, finished products, and semi-finished products. VAT is applicable all over India. The company that is registered for sales value across the government value is applicable. VAT tax is based on the product: 1%, 4%, 12%, and 12.50%.
From India, Madras
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1VAT is applicable for manufacturing items like raw materials, finished products, and semi-finished products. VAT is applicable all over India. The company that is registered for sales value across the government value is applicable. VAT tax is based on the product: 1%, 4%, 12%, and 12.50%.
From India, Madras
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VAT is levied in lieu of Sales Tax or Commercial Tax. The date of levy in different states is different. The rate of VAT is also slabwise for different commodities.
CENVAT is what the earlier Basic Excise Duty used to be. For some years, the name has been changed to CENVAT. The credit of Excise Duty, which was called MODVAT earlier, is now termed as CENVAT Credit.
Service Tax is an indirect tax levied on various services that are declared to be taxable. Technically, there is nothing like CENVAT for Service Tax. However, like the credit of excise duty which is called CENVAT Credit (Input Credit or Capital Goods Credit), the credit of service tax can also be taken, which is more appropriately called Input Service (Tax) Credit and is technically the same as CENVAT Credit.
Anything more confused? You're welcome. Have a good day.
From India, Jaipur
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CENVAT is what the earlier Basic Excise Duty used to be. For some years, the name has been changed to CENVAT. The credit of Excise Duty, which was called MODVAT earlier, is now termed as CENVAT Credit.
Service Tax is an indirect tax levied on various services that are declared to be taxable. Technically, there is nothing like CENVAT for Service Tax. However, like the credit of excise duty which is called CENVAT Credit (Input Credit or Capital Goods Credit), the credit of service tax can also be taken, which is more appropriately called Input Service (Tax) Credit and is technically the same as CENVAT Credit.
Anything more confused? You're welcome. Have a good day.
From India, Jaipur
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Service Tax.pdf