VAT full form

VAT:- Value Added Tax

As it is very clear from the name VAT is a form of tax which the consumer has to pay while buying any goods. It is basically a consumption tax placed on a product whenever the value is added at each stage of the supply chain, from production to the point of sale.

VAT is a highly efficient tax which over 100+ country worldwide have adopted. It also helps with the GDP of the country. The range of this tax varies 10% to 25%. For example, if a product is of 100 rupees concluding with the VAT of 10% which is 10 rupees then the total price of the product is 110 rupees. VAT goes in the national treasury which anyway helps the country with developing the country, natural calamity, technology etc.

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