Value-added tax

Form of consumption tax

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A value-added tax is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax, because the consumer who ultimately bears the burden of the tax is not the entity that pays it. Specific goods and services are typically exempted in various jurisdictions.

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Centre cut fuel excise duty twice, but opposition states hiked VAT, says FM Nirmala Sitharaman Finance minister Nirmala Sitharaman hit out at Opposition-ruled Himachal Pradesh, Punjab and Kerala for increasing VAT on fuel, while arguing that the Centre had reduced excise duty on petrol and.. IndiaTimes - Published on February 10, 2023