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Product Categories  |
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Note on 'VAT' |
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Value Added Tax, or VAT, is levied on top of the cost of a product
or service and generates revenue for a government.
In some countries like India, the system of VAT has been designed
to change the existing system of sales taxation. Value added tax is
different from the conventional system of sales tax, because VAT is
charged at every stage of value addition – whereas sales tax is
imposed on final value of transaction only.
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