MANAGEMENT

Detailed explanation-1: -VAT or value-added tax, is a common form of indirect tax levied on services and goods. It is paid to the government by the producers at every stage in the supply chain. VAT tax is applicable only on goods sold within a particular state, which means that the buyer and the seller need to be in the same state.

Detailed explanation-2: -Value-Added Tax (VAT) is a form of sales tax. It is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines.

Detailed explanation-3: -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).

Detailed explanation-4: -VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. VAT was introduced on April 1, 2005, in the country. VAT is an Indirect tax. Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services.

Detailed explanation-5: -Value added tax (VAT) or goods and services tax (GST), also known as indirect taxes, are consumption taxes levied on any value that is added to a product.