Get Good Tax Consulting From Xcel Accounting
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What is VAT? VAT is basically called Value Added Tax which is imposed on goods and services. It is a consumption tax that undergoes increase according to the increase in the value of the product (which is taxable) during the production process. A number of steps may be involved in the production process and each of them adds on to the production value. The VAT for the product is calculated on the basis of that. VAT can also be a destination dependant tax.
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