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Question : CENVAT is related to which of the following?

Option 1: Sales tax

Option 2: Excise duty

Option 3: Custom duty

Option 4: Service tax


Team Careers360 25th Jan, 2024
Answer (1)
Team Careers360 26th Jan, 2024

Correct Answer: Excise duty


Solution : The correct option is Excise duty .

A system called CENVAT (Central Value Added Tax) was established to deal with the taxing of goods and services. Businesses can claim credit under the CENVAT system for the excise duty paid on materials used in the production of goods. This aids in lowering producers' overall tax obligations.

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