Value Added Tax (VAT), known in some countries as Goods and Service Tax (GST).
* It is an indirect tax charged on the sale of goods and services.
*It is a tax on the purchase price.
*From the perspective of the buyer , it is a tax on the purchase price.
* From that of the seller, it is a tax only on the value added to a product or material or service.
* The added to a product by or with a business is the sale price charged to its customer, minus the cost of materials and taxable inputs
Value Added Tax = output Tax - input tax
Value Added Tax = Tax on ( output cost)- Input cost.
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