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Deffinition of vat

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(Querist)
16 July 2013 Dear,

Please tel me correct & simple definition of VAT.

Regards,
Sankararao.T
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Rajat Poddar

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Rajat Poddar (Expert)
16 July 2013 The Value Added Tax (VAT) is a type of indirect tax and is one of major source of revenue to the state.
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Rajat Poddar

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Rajat Poddar (Expert)
16 July 2013 A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. The manufacturer remits to the government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs.
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