Answer Posted / rajesh kumar soni
VAT means value added tax. It is a multi-point tax because
it is charge on both sales and purchased. When it is
charged on sales it is called output vat and when it is
charged on purchase than it is called input vat. When input
vat is exceed on output vat, that exceed amout are called
input credit which is refundable. If output vat is excess
on input vat than it is payable.
So we can say that VAT is a tax which is coming
in lieu of sales tax.
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