Value Added Tax (VAT) is
A. indirect tax levied at each stage of production and distribution, from the primary produce to the re
B. tax calculated on the selling price, but in declaring the liability to the government, the seller is
C. both (a) and (b)
D. None of the above
Answer: Option C
Solution (By Examveda Team)
A value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT that the user pays is on the cost of the product, less any of the costs of materials used in the product that have already been taxed.This Question Belongs to General Knowledge >> Basic General Knowledge
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