'VAT' is imposed

Question

'VAT' is imposed

Accepted Answer

(c) On all stages between production and sale — VAT (Value Added Tax) was imposed on 1 st April, 2005. Value Added Tax (VAT) is a type of indirect tax levied on goods for value added at every point of production or distribution cycle, starting from raw materials and going all the way to the final retail purchase. Goods and Services Tax (GST) was introduced in July 2017, which replaced VAT. Though GST replaced VAT on most goods, some goods are still not covered under GST. VAT continues to be the tax levied on such goods.

Answer

(A) Directly on consumer

Answer

(B) On first stage of production.

Answer

(D) On final stage of production.

'VAT' is imposed

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