Indian Economy

General Studies (CGL)

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Indian Economy - Understanding the basics of Indian economic system

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VAT is imposed—

Directly on consumer

On final stage of production

on first stage of production

On all stages between production and final sale

Explanation:

A value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT that the user pays is on the cost of the product, less any of the costs of materials used in the product that have already been taxed.

By: santosh

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