What VAT ? Indirect or direct Tax ?
What VAT ? Indirect or direct Tax ? as per i have studied here on AKW Consultancy webpage there are two types taxes direct and direct what is the difference between these and please tell me in which category VAT lies.
VAT is an indirect tax, because the value of the tax is independent of the person that buys the product/service. However, it is important to recognize that VAT is not standard for all products/services. There are several ranges of VAT associated to each class of service/product.
The amount of vat is that user pays cost of product less any of costs of materials used in the product which have already been taxed. Seller charges VAT to the buyer, seller pays this VAT to the government.Value added tax is relating to a product when value is added at the time of supply from production point to sale pint.