1
Question
What does the letter 'V' denote in the term 'VAT' as used in banking?
What does the letter 'V' denote in the term 'VAT' as used in banking?
Open in App
Solution
The correct option is B Value
Value Added Tax (VAT) is a form of consumption tax. 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, material or service, from an accounting point of view, by this stage of this manufacture or distribution.
Value Added Tax (VAT) is a form of consumption tax. 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, material or service, from an accounting point of view, by this stage of this manufacture or distribution.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
