A) Modified Value Added Tax
B) Modern Value Added Tax
C) Multi Value Added Tax
D) None of the above
Correct Answer: A
Solution :
MODVAT means Modified Value Added Tax. This was an excise duty scheme introduced in 1986. The purpose of the MODVAT scheme is to avoid cascading effect of takes i.e. double taxation on inputs as well as final products. This scheme has now been replaced by the CENVAT scheme.
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