what is CENVAT CREDIT ? , Central Excise

[prakashsinh gohil]

what is CENVAT CREDIT ? AND HOW IT IS TAKEN FOR THE ENGINEERING GOODS?

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[Vivek Harsh]

CENVAT stands for Centralized Value added Tax.

Engineering goods if classified as Input goods 100% credit in the year of recipt. Rule 2(k) of CCR, 2004,

If classified under Chapter 82, 84, 85 of CETA be treated as Capital goods and 50 credit in the year of receipt  and 50% in next year. Rule 2(a) of CCR, 2004,