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Value Added Tax (VAT) is

Q. 301:-)Value Added Tax (VAT) is


A. indirect tax levied at each stage of production and distribution, from the primary produce to the retailer
B. tax calculated on the selling price, but in declaring the liability to the government, the seller is allowed to deduct any tax paid by him when he bought the goods
C. both (a) and (b)
D. None of the above

 

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