what is vat?
what is excise?
what is form c & d in sales tax?
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Answer Posted / sakshi kaushik
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.
varriant of vat:-
:- consumption varriant.
:- income varriant.
gross product varriant.
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