MODVAT Tax is related to ........

Indian Economy (Easy) Budgeting and Fiscal policy

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MODVAT Tax is related to

Excise tax

Sales tax

Estate duty

Corporate tax

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Explanation:

After being in force for around 15 years, MODVAT was replaced by CENVAT (Central Value Added Tax). The government used the MODVAT platform to make certain small changes to VAT, restructuring it to CENVAT. CENVAT Credit Rules were framed in the year 2004 to offer clarity on its working and implementation.