Vat

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Employed

170 Points Joined August 2012

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

Thanks

Shashikant

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Master in Accounts & high court Advocate

9596 Points Joined December 2011

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