What is Value Added Tax (VAT)? - 22635

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Q. What is Value Added Tax (VAT)?

(A) A new tax to be imposed on the producers of capital goods

(B) A simple, transparent, easy to pay tax imposed on consumers

(C) A single tax that replaces State taxes like, surcharge, turnover tax, etc.

(D) A new initiative taken by the Government to increase the tax-burden of high income groups

Correct Answer - Option(C)

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