Basic General Knowledge
Value Added Tax (VAT) is

both (a) and (b)
indirect tax levied at each stage of production and distribution, from the primary produce to the re
None of these
tax calculated on the selling price, but in declaring the liability to the government, the seller is

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Basic General Knowledge
Modvat is

modified value added
scheme which allows a manufacturer to claim instant reimbursement of the excise duty paid on the raw
All of these
a term used in excise which is a new scheme of indirect taxes

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