Glossary

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 1 names in this directory beginning with the letter V.
VAT
VAT is a tax on the value added to the commodity at each stage in production and distribution chain. Under VAT, tax is not levied on the portion of tax paid at the earlier stage. VAT is levied only on the value added. This is because the credit of tax paid earlier is allowed to be set off against the tax payable.