ECONOMICS

Detailed explanation-1: -Overview. Value-Added Tax (VAT) is a tax, which is payable on sales of goods or services within the territory of the Member States of the EU. The tax, in all cases, is ultimately payable by the final consumer of the good or service.

Detailed explanation-2: -Value-Added Tax (VAT), also known as a goods and services tax (GST) in some countries, it is a form of tax that is assessed incrementally. It is levied on the actual transaction value of a product or service at each stage of production, distribution, or sale to the end consumer.

Detailed explanation-3: -The standard VAT rates are 18% and 12%. The reduced rate is 5%. India also has some zero-rated goods, the sale of which must still be reported on your VAT return, even though no VAT is charged.

Detailed explanation-4: -A value-added tax (VAT) is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at the point of retail sale. In other words, its is an ad valorem tax on domestic final consumption collected at all stages between production and point of final sale.

Detailed explanation-5: -A value added tax (VAT) is a tax that is collected at each stage in the production and distribution of goods and services, as value to the goods is added. As a business adds value to a product (for example, packaging a product) the business must pay VAT on the added value (the value of the packaging).