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QUESTION
Q
Which of the following taxes is collected by the Government on sale of goods and services in the country ?
Which of the following taxes is collected by the Government on sale of goods and services in the country ?
A
NAT
B
GET
C
SAT
D
VAT
E
None of these
A
NAT
B
GET
C
SAT
D
VAT
E
None of these
Solution
VAT (Value Added Tax)
VAT (Value Added Tax)
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Solution
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Keynote
Value Added Tax: VAT is a tax, which is charged on the ‘increase in value’ of goods and services at each stage of production and circulation. It is also chargeable on the value of all...
Value Added Tax:
VAT is a tax, which is charged on the ‘increase in value’ of goods and services at each stage of production and circulation. It is also chargeable on the value of all imported goods. VAT is levied on the difference between the sale price of the goods produced or the services rendered, and the cost thereof that is, the difference between the output and the input.
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