McqMate
| Q. |
VAT is imposed: |
| A. | Directly on Consumer |
| B. | On first stage of production |
| C. | On final stage of production |
| D. | On all stages between production and sale |
| Answer» D. On all stages between production and sale | |
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Explanation: Value Added Tax (VAT) is imposed on the value added to each commodity by a firm during all stages of production and distribution. In simple terms, it is a fee assessed against businesses at each step of the production and distribution process, usually whenever a product is resold or value is added to it. Valueadded taxation in India was introduced as an indirect value added tax (VAT) into the Indian taxation system from 1 April 2005. |
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