VAT is applicable to all commercial activities involving the production and sale of goods as well as services.
It is charged as a percentage of price, which means that the actual tax burden is visible at each stage in the production and distribution chain.
It is considered as indirect tax because it is paid to the revenue authorities by the seller of the goods, however, it is actually paid by end customers as part of the price.
What is Value Added Tax (VAT)? Print
Modified on: Fri, 12 Nov, 2021 at 10:50 AM
Did you find it helpful? Yes No
Send feedbackSorry we couldn't be helpful. Help us improve this article with your feedback.