SHOULD WE APPOSE THE VAT?

SHOULD WE APPOSE THE VAT?

Vat is anon-cumulative multi-stage system where tax is levied only on the net value i.e. tax on gross output minus tax on the cost of all materials used whereas in cumulative multi-stage system, the tax liability occurs at each stage in the course of production and distribution. This non-cumulative multi-stage system of tax under Value Added Tax(VAT) gives the possibility of knowing how much sales tax is paid on a product at each given point in the production or distribution processes. Prior to the introduction of VAT for calculating sales tax paid at each stage one has to depend entirely on how many stages the product itself, its components, and the equipments and services utilized have passed through. Thus VAT has simplified the process of taxation and also made it free of loopholes. For these reasons we should oppose the VAT.

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SHOULD WE APPOSE THE VAT?

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