Introduction of VAT:
Our present administrative system is solely inspired by our earlier ruling procedure. Our ancient administrative system was our ancestor of the present administrative system. Each and every aspects of the system is derived from those old age regime. So, it is very obvious that our taxes system is also came from those system. Well, here we have to remember that tax system is the only on system through which a government can generate its huge part of revenue from the citizens. Many countries have their own tax system. Our great countries India has also its own tax system which is famously known’s as by its short from GST. Well, today we are going to discuss about VAT Full Form which is also a tax related topic. Hence, without any further delay let’s get started.
Description of VAT:
VAT Full Form is Value Added Tax. Basically it is another term form our famous tax system called GST. It is a tax which is payable by the consumers for their each purchase of product or services from the provider. It compensates the shared service or product which is provided by a seller or a state but here we have to remember that some special category of people don’t have to pay the tax when they are importing it which is also designated as duty free. Vat is always included in everything which we generally purchase from a shop or from a mall. After the income tax and national insurance Vat is the third largest source of income for the government to generate revenue. This tax system was introduced in 1973 and every country is now implementing this system in their administrative system.
Other Full Form of VAT:
Let’s have a look on other VAT Full Form.
1) Variable attenuator.
2) Visual audio tool.
3) Variable allocation table.