Deffinition of vat
This query is : Resolved
16 July 2013
Dear,
Please tel me correct & simple definition of VAT.
Regards,
Sankararao.T
Please tel me correct & simple definition of VAT.
Regards,
Sankararao.T
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.
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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