what is modvat credit

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MODVAT (Modified Value Added Tax) is a unique system under Central Excise Rules that permits manufacturers of excisable goods to avail credit of duty paid.

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Modified Value Added Tax or MODVAT is slightly modified version of the VAT. This credit can be subtracted from the final excise due by a manufacturer.

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MODVAT Scheme which essentially follows VAT Scheme of taxation. material B. Under the MODVAT scheme, a manufacturer can take credit of excise duty.

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availing of MODVAT credit have been relaxed and the credit scheme has reflect: (i) a reduction in the tax base; (ii) an increase in the MODVAT credit for raw.

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If inputs are cleared as such, MODVAT credit just had to be reversed, while in case of CENVAT, these have to be cleared at the rate and value applicable as on .

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Here the value addition means the Additional Services/Activities etc. which converts the Input in to Output, and the output is newly recognised as per the this act.

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What is MODVAT under Central Excise MODVAT means Modified Value for manufacturing factory can use centvat service tax input also.

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of MODVAT Credit Scheme to capital goods. The Guidance Note is revised again with the issuance of revised Accounting Standard (AS) 2 on 'Valuation of.

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Under Modvat/Cenvat scheme, credit is allowed for duty paid on specified inputs and specified capital goods used in manufacture of finished goods.

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The said addition was made on account of valuation of closing stock on the basis of Modvat credit availed by the assessee during the year. In the assessee's.