Question

    What does 'VAT' stand for in 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

    Value Added Tax (VAT) is a consumption tax levied on goods and services at each stage of production or distribution, based on the value added at that stage. It is ultimately borne by the consumer.

    Practice Next
    More Weekly Quiz GA for SSC Questions

    Relevant for Exams:

    ask-question