VAT is included in the price of most goods and services. Foreign visitors are not excempt for paying VAT on purchased goods. They may, however, claim back VAT paid on items taken out of the country when the total valued exceeds R250. The refund may be claimed at the airport of departure, at various harbors and at customs offices.

Answered by Arvind Pal , an ibibo Master, at 8:54 AM on September 02, 2008

VAT is Value Added Tax, after the sales tax regime VAT was implemented to eradicate the cascading effect of indirect tax in the form of sales tax.

Answered by debrajib at 6:06 PM on August 10, 2008

VAT is included in the price of most goods and services. Foreign visitors are not excempt for paying VAT on purchased goods. They may, however, claim back VAT paid on items taken out of the country when the total valued exceeds R250. The refund may be claimed at the airport of departure, at various harbors and at customs offices.

Answered by Seema , an ibibo Master, at 3:24 PM on August 10, 2008

VAT is value added tax which has replaced the earlier Sales tax (Central and State) in most of the States in India.

Answered by subu , an ibibo Specialist, at 9:23 PM on August 08, 2008

VAT is a multi-stage tax levied at each stage of the value addition chain, with a provision to allow input tax credit (ITC) on tax paid at an earlier stage, which can be appropriated against the VAT liability on subsequent sale.
VAT is intended to tax every stage of sale where some value is added to raw materials, but taxpayers will receive credit for tax already paid on procurement stages. Thus, VAT will be without the problem of double taxation as prevalent in the present tax laws.
Presently VAT is followed in over 160 countries. The proposed Indian model of VAT will be different from VAT as it exists in most parts of the world. In India, VAT will replace the existing state sales tax system.

Answered by Nagendra , an ibibo Master, at 8:11 PM on August 08, 2008

VAT stands for Value added tax, meaning you pay tax only on

Answered by Vipan Thapar , an ibibo Master, at 6:24 PM on August 08, 2008

well dear frnd
VAT stands for Value Added Tax

Answered by Aryan Gusain , an ibibo Specialist, at 1:23 PM on August 08, 2008

Valu Added Tax

Answered by Kaarthik A.M at 1:21 PM on August 08, 2008