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What is Understanding Value Added Tax (VAT) about?

VAT was first introduced in the 1950s in France and Brazil, and later adopted by many other countries including India in 2005. [1] VAT is a form of indirect tax levied on value added at each stage of production or distribution. [2] Unlike sales tax which is levied on the total cost, VAT avoids cascading effect of taxes and is only levied on the value added at each stage, benefiting manufacturers. [3] VAT aims to broaden the tax base and increase government revenue through its transparent and self-assessment

Author

dd777

Language

EN