Value added tax (vat)

Tax Glossary Definition

Value added tax (vat)

Value Added Tax (VAT) – A tax on the sale of goods that was levied at each stage of value addition in the supply chain. VAT existed in India prior to the implementation of GST and has now been largely subsumed under GST, except for a few items (like petroleum products).

Example: Earlier, a product priced ₹100 with 5% VAT → Final price ₹105

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