WHAT IS V.A.T. ? EXPLAIN WITH AN EXAMPLE
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DEFINITION :: A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of general consumption tax that is collected incrementally, based on the increase in value of a product or service at each stage of production or distribution.
OR
DEFINITION :: VAT was introduced value added tax (VAT) into the Indian taxation system from 1 April 2005. The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VATrules.
EXAMPLE :: For example, if a product costs $100 and there is a 15% VAT, the consumer pays $115 to the merchant. The merchant keeps $100 and remits $15 to the government.
DEFINITION :: A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of general consumption tax that is collected incrementally, based on the increase in value of a product or service at each stage of production or distribution.
OR
DEFINITION :: VAT was introduced value added tax (VAT) into the Indian taxation system from 1 April 2005. The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VATrules.
EXAMPLE :: For example, if a product costs $100 and there is a 15% VAT, the consumer pays $115 to the merchant. The merchant keeps $100 and remits $15 to the government.
rockingr2017:
HOPE IT WILL HELP U........ PLS GIVE A THANKS AND ALSO PLSSSS MARK IT AS BRAINLIEST
sorry
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