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WordNet-Online
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Definitions from the WebCenvatDescription:Cenvat, an acronym for Central Value Added Tax is a type of indirect tax levied on the production of goods and services in India. It is collected at each stage of production or distribution, with provisions for tax credit on taxes paid at previous stages. Cenvat is a significant component of the Indian tax system. Senses and Usages:Sense 1:As a noun, Cenvat refers to the tax credit system in India that allows manufacturers or producers to claim credit for the excise duty paid on inputs used in the production of goods or services. Example sentence: The manufacturing unit availed Cenvat credit on raw materials used for production processes. Sense 2:As a verb, Cenvat signifies the action of claiming or utilizing the tax credit under the Cenvat scheme. Example sentence: The company regularly cenvats its tax credits to offset its tax liability. Sense 3:As an adjective, Cenvat describes anything related to the Cenvat tax system in India. Example sentence: The business owner attended a seminar on understanding Cenvat regulations. Related Products: | ||||
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