What is the full form of VAT?

VAT stands for "Value Added Tax"

VAT represents Value Added Tax. It is a typical type of aberrant assessment that is forced uniquely on substantial merchandise or items. It is forced at each phase of creation associated with transforming crude material into completed merchandise and at the retail location.

Brief History of VAT

VAT isn't material on administrations as administration charge is forced independently on administrations. It is gathered by the Central and State governments. Its variability differs from state to state. The tax is executed in practically all nations on the planet as it contributes fundamentally to the GDP of a nation.