MANAGEMENT

Detailed explanation-1: -Value Added Tax is the tax that is charged on goods and services, levied at each stage of a supply chain. At every stage, a certain value (a small amount of the total tax) is added from the point of production to sales.

Detailed explanation-2: -GST state code 33 is for Tamil Nadu.

Detailed explanation-3: -VAT Meaning It is a multistage tax system with provision for collection of tax paid on the purchases at every point of sale. Thus, it removes the tax-on-tax effect.

Detailed explanation-4: -Example: Calculating VAT A bike manufacturer purchases raw materials for $5.50, which includes a 10% VAT. After completing the manufacturing of the parts, they are purchased by the assembler for $11, which includes a VAT of $1. The manufacturer receives $11, of which he pays $0.50 to the government.