5 Questions
Where is VAT primarily used?
European countries
What does GST stand for?
Goods and Services Tax
When did the Goods and Service Tax Act come into effect in India?
1st July 2017
Where is GST primarily used?
Countries around the world
What does VAT primarily apply to?
Wider range of goods and services
Study Notes
Taxation Systems
- VAT (Value-Added Tax) is primarily used in the European Union, Africa, and Asia.
- GST (Goods and Services Tax) is primarily used in countries such as Australia, Canada, and India.
Implementation of GST in India
- The Goods and Service Tax Act came into effect in India on July 1, 2017.
VAT Application
- VAT primarily applies to goods and services at each stage of the supply chain, from production to consumption.
Test your knowledge of Goods and Services Tax (GST) with this quiz. Explore the definition, types, and calculation methods of GST to enhance your understanding of this important tax system.
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