what is mean by vat (value add tax) what is that value, is
it gross amount of purchase/sales, or it net of amount of
pur/sales - on which it will calculated, i need with example
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VAT is the tax charged on the net amount of sales.
The net amount includes:
1. Cost.
2. Less: Tax paid the a credit of which is taken
3. Margin / Profit.
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