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The provider accepts the paid up VAT on the acquisition tax of the products or service in the course of the purchase as credit as towards the VAT included in the price during provide of such goods or service and he pays the online amount of VAT. Procedure of Worth Added Tax or VAT is an computerized taxing process based mostly on enter tax credit score towards provide or sale. VAT is levied on taxable import and taxable provide. Value Added Tax or VAT on a particular items or service is decided on the premise of including precise level of value of the said goods or service adjusting enter tax payable towards the provided goods or service. Value Added Tax or VAT is such an indirect tax which is paid by the patron by way of a registered person.
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