WHAT IS VALUE ADDED TAX? - VAT
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VAT Charged
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VAT remitted to Government
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VAT Paid
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- VAT is a kind of tax levied on sale of goods and services when these commodities are ultimately sold to the consumer. The liability to pay tax to the Government rests with the Supplier except in case of reverse charge mechanism, the liability to pay the tax shifts from the supplier to the customer. VAT is Collected incrementally on the value added at each stage of production or service from customers
