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Reply from Roy B on Jul 4 at 9:10 AM I do not know where this text came from but I can say, as an expert on European VAT, that I have only ever heard of CENVAT in connection with India and the notion of Cenvat does not exist in Europe so far as I am aware. I have configured VAT all over Europe and have even published an article on the history and nature of VAT and how to configure it in SAP in the respected SAP Financials Expert magazine.
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Roy
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| | | ---------------Original Message---------------
From: helenrrico
Sent: Wednesday, July 04, 2012 7:05 AM
Subject: What is Cenvat G/L Account and How to Make One?
Below is the explanation of wiseGEEK -
Cenvat, or the Central Value Added Tax, is a component of the tax structure employed by many countries in the western section of Europe. The inspiration for Cenvat is derived from a tax system that is generally referred to as VAT, or a Value Added Tax. Both Cenvat and VAT are designed with the express purpose of minimizing a cascading effect when it comes to taxes on income, goods and services, and other forms of tax revenue. The aim of Cenvat is to aid in maintaining a tax structure that is considered equitable for both the citizens incurring the tax and the government that is collecting the tax revenue.
One notable example of Cenvat can be found in India. Originally designated as a modified value added tax, this approach placed some limits on the type of taxation that could occur on goods used in the manufacturing process of finished consumer products. Modvat was later designated as Cenvat, and continued to function as a means of promoting industry within the country while still receiving some form of tax revenue from the effort |
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