Vat full form: VAT explained

VAT explained: Discover its full form , meaning, working, and how it differs from GST in India’s taxation system. Learn the full form of VAT , its meaning, and definition in this comprehensive guide. Discover how Value Added Tax ( VAT ) works, its implications for businesses and consumers, and its role in the economy. VAT Full Form VAT stands for Value Added Tax. Learn more about VAT full form , what is a VAT indetail. VAT can be abbreviated as Value Added Tax. It is a form of indirect imposition of tariffs while using a product or service. A value-added tax ( VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax, because the consumer who ultimately bears the burden of the tax is not the entity that pays it. Specific goods and services are typically exempted in various jurisdictions. Products exported to other countries ...