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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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  • Filed under category Economic
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