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Concepts of VAT- Quiz to Check your knowledge!

Concepts of VAT- Quiz to Check your knowledge!

Value added tax commonly known as VAT is a simple concept of taxation yet effective and efficient over previous sales tax system.VAT system is more transparent, uniform and less prone to tax evasion VAT is a consumption tax because it is borne ultimately by the final consumer. VAT is not a charge or burden on manufacturers. It is charged as a percentage of price, which means that the actual tax burden is visible at each stage in the production and distribution chain.

Here is a quiz to check your knowledge on concepts of VAT system!

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