New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What does 'VAT' stand for in the context of

    taxation?
    A Variable Account Tax Correct Answer Incorrect Answer
    B Venture Added Tax Correct Answer Incorrect Answer
    C Value Added Tax Correct Answer Incorrect Answer
    D Value Administrative Tax Correct Answer Incorrect Answer

    Solution

    VAT, or Value Added Tax, is a consumption tax placed on a product whenever value is added at a stage of production and at the point of retail sale.

    Practice Next

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