Vat

shashikant (Employed ) (170 Points)

25 May 2013

I want to understand about the VAT Concept please any one help me to send the notes.

Thanks

Shashikant

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5197 Points)
Replied 25 May 2013

Originally posted by : shashikant
	Hi I want to understand about the VAT Concept please any one help me to send the notes. Thanks Shashikant Value added tax (VAT) is a type of sales tax. In some countries, including Australia, Canada, New Zealand, and Singapore, this tax is known as "goods and services tax" or GST; and in Japan it is known as "consumption tax". VAT is an indirect tax, in that the tax is collected from someone other than the person who actually bears the cost of the tax (namely the seller rather than the consumer). As VAT is intended as a tax on consumption, exports (which are, by definition, consumed abroad) are usually not subject to VAT or VAT is refunded